The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...

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The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000

Check my work Required: Prepare a classified balance sheet for China Tea Company as of December 31, 2021. (Amounts to be dedu

ADDED Total assets Liabilities and Shareholders Equity ences Shareholders equity Total shareholders equity Total liabiliti

business accounting

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Answer 1

Answer #1

Balance sheet :

China Tea Company
Balance sheet
As on 31 Dec 2021
	Assets
Current assets :
Cash		$10500
Accounts receivable		$150000
Prepaid rent		$5000
Inventory		$25000
Total current assets		$190500
Non current assets :
Equipment		$300000
Accumulated depreciation -equipment		-$125000
Total non current assets		$175000
Total assets		$365500

Liabilities and shareholders equity
Liabilities :
Current liabilities -
Accounts payable		$30000
Notes payable		$30000
Salaries payable		$4000
Interest payable		$9000
Total current liabilities		$73000
Non current liabilities -		$0
Total liabilities		$73000
Shareholders equity :
Share capital	$200000
retained earnings	$92500
Total shareholders equity		$292500
Total liabilities and shareholders equity		$365500

Workings :

Income statement :

China Tea Company
Income statement
For year ended 31 Dec 2021
Sales revenue		$400000
(-) Cost of goods sold		-$180000
Gross profit		x$220000

(-) expenses :
Salary expenses	$120000
Rent expense	$15000
Depreciation expense	$30000
Interest expense	$2000
Advertising expense	$2500
Total expenses		-$169500
Net profit		$50500

Statement of retained earnings :

China Tea Company
Retained earnings statement
For year ended 31 Dec 2021
Opening balance of retained earnings	$50000
(+) net profit for the year	$50500
(-) dividends	-$8000
Closing balance of retained earnings	$92500

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Answer 2

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