Question

Requirement 3. Complete the classified balance sheet as of November 30, 2018. Use the report form. Begin by preparing the asset section of the balance sheet and then prepare the liabilities and stockhold Acc. Depr. = Accumulated Depreciation.) Wireless Link Balance Sheet November 30, 2018 Assets Less: Choose from any list or enter any number in the input fields and then click Check Answer.

Answer 1

$0 WIRELESS LINK Classified Balance Sheet November 30, 2018 Assets Current Assets: Cash $4,300 Accounts Receivable $3,700 Office Supplies $3,000 Prepaid Rent $1,200 Total Current Assets Property, Plant & Equipment: Equipment $30,700 Less: Accumulated Dep. - Equip. $2,200 Property, Plant & Equipment, Net Total Assets WIRELESS LINK Statement of Retained Earnings For the Year Ended November 30, 2018 Retained Earnings - Beginning Balance Add: Net Income $4,400 Less: Dividends $2,300 Net Increase in Retained Earnings Retained Earnings - Ending Balance [Ref: Worksheet] $2,100 $2,100 $12,200 $28,500 $40,700

$6,100 Liabilities & Shareholders' Equity Current Liabilities: Accounts payable $5,800 Salaries payable $300 Total Liabilities Shareholders' Equity: Common Stock $32,500 Retained Earnings $2,100 Total Shareholders' Equity Total Liabilities & Owners' equity [Ref: Statement of Ret. Earnings] $34,600 $40,700