The adjusted trial balance for China Tea Company at December 31, 2024, is presented below: Debit Credit Cash $ 12,400 Accounts receivable 169,000 Prepaid rent 6,900 Inventory 44,000 Equipment 490,000 Accumulated depreciation $ 144,000 Accounts payable 49,000 Notes payable (due in three months) 49,000 Salaries payable 5,900 Interest payable 18,600 Common stock 295,000 Retained earnings 91,800 Dividends 15,700 Sales revenue 590,000 Costs of goods sold 275,000 Salaries expense 139,000 Rent expense 34,000 Depreciation expense 49,000 Interest expense 3,900 Advertising expense 4,400 Totals $ 1,243,300 $ 1,243,300 Required: Prepare a classified balance sheet for China Tea Company as of December 31, 2024.
The adjusted trial balance for China Tea Company at December 31, 2024, is presented below: Debit Credit Cash $ 12,400 Accounts receivable 169,000 Prepaid rent 6,900 Inventory 44,000 Equipment 490,000 Accumulated depreciation $ 144,000 Accounts payable 49,000 Notes payable (due in three months) 49,000 Salaries payable 5,900 Interest payable 18,600 Common stock 295,000 Retained earnings 91,800 Dividends 15,700 Sales revenue 590,000 Costs of goods sold 275,000 Salaries expense 139,000 Rent expense 34,000 Depreciation expense 49,000 Interest expense 3,900 Advertising expense 4,400 Totals $ 1,243,300 $ 1,243,300 Required: Prepare a classified balance sheet for China Tea Company as of December 31, 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The adjusted
| Debit | Credit | |
|---|---|---|
| Cash | $ 12,400 | |
| 169,000 | ||
| Prepaid rent | 6,900 | |
| Inventory | 44,000 | |
| Equipment | 490,000 | |
| $ 144,000 | ||
| Accounts payable | 49,000 | |
| Notes payable (due in three months) | 49,000 | |
| Salaries payable | 5,900 | |
| Interest payable | 18,600 | |
| Common stock | 295,000 | |
| 91,800 | ||
| Dividends | 15,700 | |
| Sales revenue | 590,000 | |
| Costs of goods sold | 275,000 | |
| Salaries expense | 139,000 | |
| Rent expense | 34,000 | |
| Depreciation expense | 49,000 | |
| Interest expense | 3,900 | |
| Advertising expense | 4,400 | |
| Totals | $ 1,243,300 | $ 1,243,300 |
Required:
Prepare a classified balance sheet for China Tea Company as of December 31, 2024.
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