Using the following information provided on the worksheet create a classified ba

Question

Using the following information provided on the worksheet create a classified balance sheet for december 31st

For the Year Ended December 31, 2017 Unadjusted Trial Balance Adjusted Trial Balance Account Title Adiustments Income Statement Balance Sheet 67,188 88,704 67,188 88,704 Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Merchandise Invento Prepaid Insurance 163,944 4356 6534 18480 28162 168,300 163,944 22176 30,096 1.934 Note Receivable Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries & Wages Pavable Interest Payable Utilities Payable Note Payable (final payment due 2018 Common Stock Retained Earnings Dividends Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries & Wages Expense Depreciation Expense - Store Equipment Bad Debt Expense nsuránce Expense Rent Expense Supplies Expense Utilities Expense Interest Revenue Interest Expense 244,778 244.778 29,304 126,720 126,720 6,470 29.304 126,720 6.470 24.420 79,200 257,400 24.420 79,200 257 400 24.420 79.200 257,400 31,680 31,680 31,680 34,056 1,893,144 436,526 26,086 1,603 1.888,788 430,056 1,893,144 436,526 26,086 6470 1603 18.480 28,162 18480 18,480 5,280 3,075,336 3,075,336 93528 93528 3,085,246 2,467,017 2,558,031 618,229 Net Income

Explanation / Answer

Balance Sheet As at December 31, 20xx $ $ Assets Current assets Cash 67188 Accounts receivable 88704 Less: Allowance for doubtful accounts -2395 86309 Merchandise inventory 163944 Supplies 1934 Note receivable 15180 Interest receivable 531 Prepaid Rent 3696 Prepaid insurance 594 Total current assets 339376 Fixed assets Store Equipment 244778 Accumulated depreciation - Store Equipment -29304 215474 Total fixed assets 215474 Total assets 554850 Liabilities & stockholders' equity Liabilities Current Liabilities Accounts payable 126720 Salaries & wages payable 6470 Interest payable 554 Utilities payable 752 Notes payable 24420 Total current liabilites 158916 Long-term liabilites Total Long-term Liabilities 0 Stockholders' equity Common stock 79200 Additional paid-in-capital-CS Retained earnings (257400+91014-31680) 316734 Total stockholders' equity 395934 Total Liabilities & stockholders' equity 554850

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