Prepare a classified balance sheet as of December 31 for Crane Distributors.

Show the working for the calculation of retained earnings
 

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The following financial data for Crane Distributors was collected as of December 31. Cash $15,200 Delivery equipment Accounts receivable 110,200 Accumulated depreciation Inventory 114,000 Accounts payable Prepaid insurance 2,400 Common stock Supplies 6,400 Retained earnings $80,000 35,000 70,000 100,000 2 The following financial data for Crane Distributors was collected as of December 31. Cash $15,200 Delivery equipment Accounts receivable 110,200 Accumulated depreciation Inventory 114,000 Accounts payable Prepaid insurance 2,400 Common stock Supplies 6,400 Retained earnings $80,000 35,000 70,000 100,000 2