Exercise

Prepare financial statements from an adjusted trial balance (LO3-5) [The following information applies to the questions displayed below.]

The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.

Accounts Debit Credit Cash $ 12,000

Accounts Receivable 150,000

Prepaid Rent 6,000

Supplies 30,000

Equipment 400,000

Accumulated Depreciation $ 135,000

Accounts Payable 12,000

Salaries Payable 11,000

Interest Payable 5,000

Notes Payable (due in two years) 40,000

Common Stock 300,000

Retained Earnings 60,000

Service Revenue 500,000

Salaries Expense 400,000

Rent Expense 20,000

Depreciation Expense 40,000 Interest Expense 5,000 Totals $ 1,063,000 $ 1,063,000 17.

Required information

Exercise : Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)