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Hair Stylists's adjusted trial balance and statement of retained earnings follow:
Daniel Hair Stylists Adjusted Trial Balance December 31, 2018
Account Balance Debit Credit
Cash $1,000
Accounts Receivable 900
Office Supplies 600
Equipment 19,700
Accumulated Depreciation - Equipment $2,000
Accounts Payable 900
Interest Payable 550
Notes Payable 3,400
Common Stock 10,650
Dividends 700
Service Revenue 14,100
Rent Expense 5,200
Supplies Expense 100
Depreciation Expense - Equipment 2,000
Interest Expense 1,400
Total $31,600 $31,600
Daniel Hair Stylists Statement of Retained Earnings Year Ended December 31, 2018:
Retained Earnings, January 1, 2018 $0
Net Income for the year 5,400
5,400
Dividends (700)
Retained Earnings, December 31, 2018 $4,700
Required:
Prepare Daniel's classified balance sheet at December 31, 2018. Assume the Notes Payable is due on December 1, 2025. Use the report form.
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Hair Stylists's adjusted trial balance and statement of retained earnings follow:
Daniel Hair Styli...
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