14 Problem 2-Balance Sheet and Closing Entries- It is the end of the second year of operations for BXR Company. Based on the adjusted trial balance below: a) Prepare a classified balance sheet for BXR Company based on the adjusted trial balance shown below. (Hint: The classified format is shown on page 107 of the textbook and page 12 of the chapter hand-out. the retained earnings on the trial balance are the beginning retained earnings, you will have to ending retained earnings for the balance sheet). Please ask for help if your balance sheet balance. You can reach your instructor at moston@oaklandcc.edu. b) Prepare the required closing entries. calculate the does not Cash $27,300 Accounts receivable 51,300 Supplies 3,150 Long-term investments 37,500 Equipment 67,500 Accumulated depreciation-Equipment $16,620 Land 24,000 Accounts payable 24,300 Wages payable 6,180 Long-term notes payable 30,000 Common stock 15,000 Retained earnings 45,600 Dividends 22,500 Revenue 217,500 Rent expense 12,000 Wages expense 93,000 Supplies expense 3,750 Depreciation expense-Shipping equipment 6,075 Interest expense 1,500 Utilities expense: 5,625 Totals $355,200 $355,200