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. Analysis Component: Has Joanne Cardinal, the owner of The Cutlery, financed growth by reinvesting profits? Explain. Planning the Solution 1. Prepare a classified balance sheet by first listing all of the classification headings under assets and liabilities. Then, sort the accounts by listing them under the appropriate heading. Hint: Place an X in the column provided to the left of the account mumber column on the adjusted trial balance as you transfer account information from the adjusted trial balance to the balance sheet. This process will help you determine whether all of the appropriate accounts have been transferred to the balance sheet. 2. Prepare a statement of changes in equity. Hint: Revenve and expense information has not been provided from which to calculate profil or loss. However; you will be able to determine what the profit or loss was by taking into consideration the balance sheet prepared in Step 1 and the other elements of equity that have been provided. 3. Review the information and prepare an answer to the analysis component question. partial adjusted trial balance for The Cutlery shows the following account balances as at e-anhan 219017