The following accounts and related balances of Witt, Inc., are arranged in no particular order: Interest expense $ 6,100 Accounts receivable, net $ 46,000 Property, plant, and equipment, net 261,000 Paid-in capital in excess of par—common 19,000 Common stock, $1 par, 500,000 shares authorized, 23600 shares issued 236, 000 Accrued liabilities 26,000 Dividends payable 9,000 Long-term note payable 42,000 Retained earnings ? Inventory 81,000 Accounts payable 31,000 Prepaid expenses 10,000 Trademark, net 9,000 Common stockholders' equity, June 30, 20X1 222,000 Preferred stock, $0.10, no-par 10,000 shares authorized and issued 25,000 Net income 51,000 Total assets, June 30 20X1 404,000 Cash 10,000 Required Prepare the company's classified balance sheet in the account format at June 30, 20X2. Use the accounting equation to compute Retained Earnings.
The following accounts and related balances of Witt, Inc., are arranged in no particular order:
|
Interest expense |
$ 6,100 |
|
$ 46,000 |
|
Property, plant, and equipment, net |
261,000 |
Paid-in capital in excess of par—common |
19,000 |
|
Common stock, $1 par, 500,000 shares authorized, 23600 shares issued |
236, 000 |
Accrued liabilities |
26,000 |
|
Dividends payable |
9,000 |
Long-term note payable |
42,000 |
|
|
? |
Inventory |
81,000 |
|
Accounts payable |
31,000 |
Prepaid expenses |
10,000 |
|
Trademark, net |
9,000 |
Common |
222,000 |
|
|
25,000 |
Net income |
51,000 |
|
|
|
Total assets, June 30 20X1 |
404,000 |
|
|
|
Cash |
10,000 |
Required
Prepare the company's classified
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