Damon Hair Stylists's adjusted trial balance follows. E (Click on the icon to view the adjusted...

 

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Damon Hair Stylists's adjusted trial balance follows. E (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the statement of retained earnings.) Prepare Damon's classified balance sheet at December 31, 2018. Assume the Notes Payable is due on December 1, 2025. Use the report form. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the stockholders' equity section. (You must compute the ending balance of Retained Earnings. If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Damon Hair Stylists Balance Sheet Data Table December 31, 2018 Assets Damon Hair Stylists Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 1,400 Accounts Receivable 2,000 Office Supplies 500 Less: Equipment 20,100 Accumulated Depreciation-Equipment $ 1,500 Accounts Payable 700 Interest Payable 300 Reference Notes Payable 4,000 Common Stock 14,300 Damon Hair Stylists Dividends 1,500 Service Revenue 13.500 Statement of Retained Earnings Year Ended December 31, 2018 Rent Expense 5,200 Retained Earnings, January 1, 2018 Supplies Expense 800 4,700 Depreciation Expense-Equipment 1,500 Net income for the year Interest Expense 1,300 4,700 2$ 34,300 $ 34,300 Dividends (1,500) Total 3,200 Retained Earnings, December 31, 2018 Print Done Print Done Damon Hair Stylists's adjusted trial balance follows. E (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the statement of retained earnings.) Prepare Damon's classified balance sheet at December 31, 2018. Assume the Notes Payable is due on December 1, 2025. Use the report form. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the stockholders' equity section. (You must compute the ending balance of Retained Earnings. If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Damon Hair Stylists Balance Sheet Data Table December 31, 2018 Assets Damon Hair Stylists Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 1,400 Accounts Receivable 2,000 Office Supplies 500 Less: Equipment 20,100 Accumulated Depreciation-Equipment $ 1,500 Accounts Payable 700 Interest Payable 300 Reference Notes Payable 4,000 Common Stock 14,300 Damon Hair Stylists Dividends 1,500 Service Revenue 13.500 Statement of Retained Earnings Year Ended December 31, 2018 Rent Expense 5,200 Retained Earnings, January 1, 2018 Supplies Expense 800 4,700 Depreciation Expense-Equipment 1,500 Net income for the year Interest Expense 1,300 4,700 2$ 34,300 $ 34,300 Dividends (1,500) Total 3,200 Retained Earnings, December 31, 2018 Print Done Print Done

Answer rating: 100% (QA)

Balance Sheet December 31 2018 Assets Liabilities Curr... View the full answer