REQUIRED

Prepare a classified balance sheet in good form. You will need to calculate the balance of Retained Earnings to be the balance needed to make your balance sheet balance once you've gotten all other accounts properly classified.

Presented below are a number of balance sheet items for Letterman, Inc. for the current year, 2015:

Goodwill 125,000 Accumulated Depreciation - Equipment 292,000

Payroll taxes payable 177,591 Inventories 239,800

Bonds payable (Long-Term) 285,000 Rent payable 525,000

Cash 360,000 Income taxes payable 98,362

Land 480,000 Common stock, $1 par value 200,000

Notes receivable 545,700 Preferred stock, $10 par value 150,000

Notes payable (Long-Term) 1,865,000 Prepaid expenses 87,920

Accounts payable 590,000 Equipment 1,470,000

Retained Earnings????? Accounts Receivable 121,000

Income Tax Receivable 97,630 Accumulated Depreciation - Building 170,200

Building 1,640,000