Refer to the information below to answer parts a. and b. Show your work to receive...

 

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Refer to the information below to answer parts a. and b. Show your work to receive partial credit. Accounts from Max Company's 12/31/19 adjusted pre-closing trial balance appear below: Equipment Salaries Expense Salaries payable Common Stock Accumulated Depreciation Prepaid Rent Utilities Expense Cash Accounts payable Accounts Receivable Retained Earnings, beginning Service revenue Rent Expense 68,000 168,000 12,000 21,000 24,000 12,800 4,400 70,000 40,800 39,000 24,000 258,400 18,000 a. (6 pts) Determine the ending retained earnings balance as reported on Max Company's 12/31/19 balance sheet. Assume that no dividends were declared or paid during 2019. b. (6 pts) Prepare the asset section of the company's classified balance sheet as of 12/31/19. Refer to the information below to answer parts a. and b. Show your work to receive partial credit. Accounts from Max Company's 12/31/19 adjusted pre-closing trial balance appear below: Equipment Salaries Expense Salaries payable Common Stock Accumulated Depreciation Prepaid Rent Utilities Expense Cash Accounts payable Accounts Receivable Retained Earnings, beginning Service revenue Rent Expense 68,000 168,000 12,000 21,000 24,000 12,800 4,400 70,000 40,800 39,000 24,000 258,400 18,000 a. (6 pts) Determine the ending retained earnings balance as reported on Max Company's 12/31/19 balance sheet. Assume that no dividends were declared or paid during 2019. b. (6 pts) Prepare the asset section of the company's classified balance sheet as of 12/31/19.

Answer rating: 100% (QA)

Max Company Calculation of Net income for the year ended 311219 ... View the full answer