Reference no: EM133020895
Question - The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Debit: Cash 11,800 Accounts receivable 163,000 Prepaid rent 6,300 Inventory 38,000 Equipment 430,000
CREDIT: Accumulated depreciation-equipment 138,000 Accounts payable 43,000 Notes payable-due in three months 43,000 Salaries payable 5,300 Interest payable 15,600 Common stock 265,000 Retained earnings 78,600
DEBIT: Dividends 13,300
CREDIT: Sales revenue 530,000
DEBIT: Costs of goods sold 245,000 Salaries expense 133,000 Rent expense 28,000 Depreciation expense 43,000 Interest expense 3,300 Advertising expense 3,800
Totals 1,118,500 1,118,500
Required - Make a classified balance sheet for China Tea Company as of December 31, 2021.
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