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In: Accounting

adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit Credit...

adjusted trial balance for China Tea Company at December 31, 2018, is presented below:

Debit Credit
Cash 11,600
Accounts receivable 161,000
Prepaid rent 6,100
Inventory 36,000
Equipment 410,000
Accumulated depreciation - equipment 136,000
Accounts payable 41,000
Notes payable - due in three months 41,000
Salaries payable 5,100
Interest payable 2,100
Common stock 255,000
Retained earnings 74,200
Sales revenue 510,000
Costs of goods sold 235,000
Salaries expense 131,000
Rent expense 26,000
Depreciation expense 41,000
Interest expense 3,100
Advertising expense 3,600
Totals 1,064,400 1,064,400


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

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At December 31, 2018

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ekkarill92 answered 1 year ago
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