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klasskru [66]
3 years ago
13

Hair​ Stylists's adjusted trial balance and statement of retained earnings follow:

Business
1 answer:
Mila [183]3 years ago
6 0

Answer:

Daniel Hair Stylists

Balance Sheet

For the year ended December 31, 2018

                                         <u>Assets</u>

Current assets

  • Cash                                                                  $1,000
  • Accounts Receivable                                         $900
  • Office Supplies                                                <u>   $600</u>

Total current assets                                                 $2,500

Non-current assets

  • Equipment, net                          $19,700
  • Accumulated depreciation      <u> ($2,000)       $17,700</u>

Total non-current assets                                         <u>$17,700</u>

Total assets                                                            $20,200

                                          <u>Liabilities</u>

Current liabilities

  • Accounts Payable                                              $900
  • Interest Payable                                                 <u>$550 </u>

Total current liabilities                                              $1,450

Total long term liabilities                                         <u>$3,400</u>

Total liabilities                                                          $4,850

                                      <u>Owner's Equity</u>

Owner's equity

  • Retained earnings                                             $4,700
  • Common stock                                                <u> $10,650</u>

Total owner's equity                                                <u> $15,350</u>

Total liabilities and owner's equity                         $20,200

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Answer:

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Explanation:

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Answer:

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