Question

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
  

Accounts	Debit				Credit
Cash	$	10,600
Accounts Receivable		136,000
Prepaid Rent		4,600
Supplies		23,000
Equipment		260,000
Accumulated Depreciation					$	121,000
Accounts Payable						10,600
Salaries Payable						9,600
Interest Payable						3,600
Notes Payable (due in two years)						26,000
Common Stock						160,000
Retained Earnings						46,000
Service Revenue						360,000
Salaries Expense		260,000
Rent Expense		13,000
Depreciation Expense		26,000
Interest Expense		3,600
Totals	$	736,800			$	736,800

Prepare a classified balance sheet as of December 31, 2021.(Amounts to be deducted should be indicated by a minus sign.)

Answer 1

FIGHTIN' BLUE HENS CORPORATION
Balance Sheet
December 31, 2018
Assets		Liabilities
Current assets :		Current liabilities :
Cash	10600	Accounts payable	10600
Accounts receivable	136000	Salaries payable	9600
Prepaid rent	4600	Interest payable	3600
Supplies	23000
Total current assets	174200	Total current liabilities	23800
		Notes payables (due in two years)	26000
		Total liabilities	49800
Long-term assets:		Stockholders' equity
Equipment	260000	Common stock	160000
Less: Accumulated Depreciation	-121000	Retained earnings [ Refer working note 2 ]	103400
Net, equipment	139000
Total long term assets	139000	Total stockholders' equity	263400
Total assets	313200	Total liabilities and stockholders' equity	313200

Working note 1] :
Service revenue	360000
(-) Salaries expense	260000
(-) Rent expense	13000
(-) Depreciation expense	26000
(-) Interest expense	3600
Net income	57400
Working note 2] :
Beginning retained earnings	46000
(+) Net income	57400
(-) Dividends	0
Ending retained earnings	103400