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The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $3,300; Accounts Receivable, $7,300; Supplies, $17,300; Equipment, $103,000; Accumulated Depreciation, $36,500; Accounts Payable, $24,300; Salaries Payable, $14,300; Common Stock, $43,000; and Retained Earnings.
Required:
Prepare the December 31, 2021, classified balance sheet including the correct balance for retained earnings.

Answer :

Answer and Explanation:

The preparation of the classfied balance sheet is presented below:

Assets                                              Liabilities    

Current assets                               Current liabilities

Cash                         $3,300           Account payable $24,300

Account receivable  $7,300           Salaries payable $14,300

Supplies                   $17,300

Total current assets  $27,900        Total current liabilities $38,600

Fixed assets                                    Stockholder equity

Equipment $103,000                       Common stock  $43,000

Less: accumulated dep -$36,500   Retained earnings $12,800 (bal.fig)

Net equipment $66,500    

Total fixed assets $66,500           Total stock holder equity $55,800

Total assets  $94,400                Total liabilities & stock equity $94,400

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