Problem P1
Requirement: Create a properly formatted classified balance sheet using the information below:
Western Corporation
Adjusted Trial Balance
As of December 31, 2021
Account	Debit	Credit
Cash	$12,000
Accounts Receivable	3,400
Inventory	61,000
Equipment	47,000
Accumulated Depreciation-Equipment		$9,000
Goodwill	2,000
Accounts Payable		2,100
Salaries Payable		450
Current Portion of Bonds Payable		1,000
Non-Current Bonds Payable (Due 2026)		3,000
Common Stock		12,000
Retained Earnings		55,250
Sales		46,000
Insurance Expense	1,600
Prepaid Insurance	800
Interest Expense	1,000
Total	$128,800	$128,800
Hint:
Need to determine the change in retained
earnings to complete the balance sheet