Question

Use the following Adjusted Trial Balance and Statement of Retained Earnings to prepare the CLASSIFIED BALANCE SHEET for Hang in There Company for April 30, 2020

Hang in There Company
Adjusted Trial Balance
April 30, 2020
Account Title						Balance
						Debit		Credit
Cash						$   47,000
Accounts Receivable						12,500
Supplies						1,000
Prepaid Rent						2,600
Building						400,000
Accumulated Depreciation—Building								$ 175,000
Accounts Payable								3,200
Unearned Revenue								1,400
Bonds Payable (Long Term)								1,800
Common Stock - $1 Par Value								180,000
Paid in Capital in Excess of Par -Common								73,300
Retained earnings								18,200
Service Revenue								23,000
Salaries Expense						3,400
Rent Expense						1,400
Depreciation Expense—Building						2,800
Supplies Expense						3,200
Tax Expense						2,000
Total						$ 475,900		$ 475,900

Hang in There Company

Statement of Retained Earnings

April 30, 2020

Retained Earnings, May 1, 2019                   $18,200

Net Income for the Year         10,200

Dividends0        

Retained Earnings, April 30, 2020                  $28,400

Answer 1

Hang in There Company
Balance Sheet
April 30, 2020
Assets
Cash	$       47,000
Accounts Receivables	$       12,500
Supplies	$         1,000
Prepaid Rent	$         2,600
Total current assets		$     63,100
Property, Plant and Equipment
Building	$    400,000
Accumulated depreciation—Building	$ (175,000)
Total property, plant and equipment		$   225,000
Total Assets		$   288,100
Liabilities
Current Liabilities
Accounts payable	$         3,200
Unearned Revenue	$         1,400
Total current liabilities		$       4,600
Non-current liabilities
Bonds payable		$        1,800
Total liabilities		$        6,400
Shareholders' equity
Common Stock - $1 Par Value	$    180,000
Paid in Capital in Excess of Par -Common	$       73,300
Total contributed capital	$    253,300
Retained earnings	$       28,400
Total Shareholders' equity		$   281,700
Total liabilities and shareholders' equity		$   288,100

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