4. Use the following Adjusted Trial Balance and Statement of Retained Earnings to prepare the CLASSIFIED BALANCE SHEET in good form for Weasley Inc. for December 31, 2016. (30 points)
Account Title |
Balance |
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Debit |
Credit |
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Cash |
$ 76,000 |
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Accounts Receivable |
19,000 |
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Merchandise Inventory |
157,000 |
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Office Supplies |
2,000 |
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Equipment |
750,000 |
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Accumulated Depreciation—Equipment |
$ 50,000 |
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Accounts Payable |
44,000 |
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Salaries Payable |
12,000 |
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Note Payable (Long Term) |
208,000 |
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Common Stock - $1 Par Value |
200,000 |
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Paid in Capital in Excess of Par - Common |
100,000 |
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Retained earnings |
80,000 |
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Sales Revenue |
642,000 |
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COGS |
228,000 |
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Salaries Expense |
85,000 |
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Depreciation Expense—Equipment |
10,000 |
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Advertising Expense |
7,600 |
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Supplies Expense |
1,400 |
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Total |
$ 1,336,000 |
$ 1,336,000 |
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Retained Earnings, January 1, 2016 80,000
Net Income for the Year 310,000
Retained Earnings, December 31, 2016 $ 390,000
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