Requirement 1. Prepare the classified balance sheet of

Carrie O'Connell

Dance Studio Company at

August

31,

2024.

Use the report form. You must compute the ending balance of Retained Earnings.

Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally thestockholders' equity section.

Carrie O'Connell Dance Studio Company

Balance Sheet

August 31, 2024

Assets
Current Assets:
Cash		$13,600
Office Supplies		1,700
Prepaid Rent		1,100
Total Current Assets			$16,400
Property, Plant, and Equipment:
Equipment		56,000
Less:	Accumulated Depreciation—Equipment	(6,400)
Total Property, Plant, and Equipment			49,600
Total Assets			$66,000

Part 2

Liabilities
Current Liabilities:
Accounts Payable		$3,900
Salaries Payable		200
Unearned Revenue		3,800
Total Current Liabilities			$7,900
Long-Term Liabilities:
Notes Payable (long-term)			4,600
Total Liabilities			12,500

Part 3

Stockholders' Equity
Common Stock		15000
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity			66000

Answer rating: 100% (QA)

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