Given the following year-end balances, prepare a classified balance sheet for Shelly Company dated December 31, 20X8.

Interest Expense $ 2,000

Beginning Retained Earnings 13,100

Depreciation Expense 5,200

Cash 26,900

Accounts Payable 3,300

Rent Expense 7,200

Accumulated Depreciation 13,500

Wage Expense 59,200

Prepaid Rent 1,400

Paid-in Capital 9,000

Accounts Receivable 13,600

Wages Payable 3,200

Equipment 63,000

Sales 249,600

Inventory 14,400

Long-term Note Payable 20,000

Income tax Expense 24,500

Dividends Declared 21,000

Cost of Goods Sold 94,300

Dividends Payable 21,000

Answer rating: 100% (QA)

TRADING ACCOUNT AND PROFIT AND LOSS ACCOUNT for the year ending 31 December... View the full answer