Preparing a classified balance sheet Use the information in the post-closing trial bala...

Preparing a classified balance sheet

Use the information in the post-closing trial balance reported in Exercise 14-1 to prepare Jones Merchandising Company’s classified balance sheet as of December 31, 2010.

Reference Exercise 14-1:

Preparing a statement of owner’s equity

Use the following post-closing trial balance of Jones Merchandising Company to prepare a statement of owner’s equity for 2010. Net income for 2010 was $25,500. K. Jones withdrew $20,000 during the year. (Hint: Solve for beginning K. Jones, Capital).