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