Given the following year-end balances, prepare a classified balance sheet for Sh
ID: 2374067 • Letter: G
Question
Given the following year-end balances, prepare a classified balance sheet for Shelly Company dated December 31, 20X8.
Interest Expense $ 2,000
Beginning Retained Earnings 13,100
Depreciation Expense 5,200
Cash 26,900
Accounts Payable 3,300
Rent Expense 7,200
Accumulated Depreciation 13,500
Wage Expense 59,200
Prepaid Rent 1,400
Paid-in Capital 9,000
Accounts Receivable 13,600
Wages Payable 3,200
Equipment 63,000
Sales 249,600
Inventory 14,400
Long-term Note Payable 20,000
Income tax Expense 24,500
Dividends Declared 21,000
Cost of Goods Sold 94,300
Dividends Payable 21,000
Detailed MBA answer
Explanation / Answer
TRADING ACCOUNT AND PROFIT AND LOSS ACCOUNT
for the year ending 31 December,20X8
PARTICULAR AMOUNT PARTICULAR AMOUNT
TO Wage Expense 59,200 Sales 249,600
TO Cost of Goods Sold 94,300
Net gross profit c/d 96100
249,600 249,600
TO Interest Expense $ 2,000 BY Gross profit b/d 96,100
TO Depreciation Expense 5,200
TO Rent Expense 7,200
TO Income tax Expense 24,500
Net profit c/d 57,200
96,100 96,100
BALANCE SHEET
as on 31 December,20X8
LIABILITIES AMOUNT ASSETS AMOUNT
Beginning Retained 13,100 Cash 26,900
Account Payable 3,300 Prepaid Rent 1,400
Account Depreciasion 13,500 Equipment 63,000
Wages Payable 3,200 Inventory 14,400
Long Term Net Payable 20,000 Dividend recievable 21,000
Dividend payable 21,000 Account recievable 13,600
Paid in Capital 9,000
Net Profit b/d 57,200
140300 140300
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