Required

Using the information provided above for The Cutlery,

1. Prepare a classified balance sheet at December 31, 2017. For simplicity, The Cutlery lists accounts on the balance sheet in account order.

2. Prepare a statement of changes in equity for the year ended December 31, 2017.

Required Using the information provided above for The Cutlery. 1. Prepare a classified balance sheet at December 31, 2017. For simplicity, The Catlery lists accounts on the balance sheet in account order. 3. Prepare a statement of changes in equity for the year ended December 31,2017 . Analysis Component: Has Joanne Cardinal, the owner of The Cutlery, financed growth by reinvesting pronis? Explain. Planning the Solution L. Prepare a classified balance sheet by first listing all of the claxification headings under assets and liabilities. Then, sort the aexounts by listing them under the appropriate heading. Hint: Place an X in the colamn provideal to the teft of the acconrt member couemn on the adjusted trial balance as you tmonsfer acount inormation frum the edjasted trial bulance to the balance sheet. This process will help you determine achether ald of the appropriate accounts have been transferred to the balance shen. 2. Prepare a statement of changes in equity. Hint. Reusnewe and Eapense ubhorwation laas not been provided from which to colculate profit or inss. Honever, you wia be able to deter. mine what the profit or loss was by taking into consideration the talance sheet propand In Step I and the other elements of equity that have been provideri. 3. Review the information and prepare an answer to the analysis component question The partial adjusted trial balance for The Cutlery shows the following account balances as at December 31,2017. -\$22,000 of the December 31, 2017, baiance in 2019, cjoanne Cardinal, the owner, invested $5,000 during the ayable will be paid during 2018