Question
6) The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 12,000 Accounts receivable 165,000 Prepaid rent
6)
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Debit Credit
Cash 12,000
Accounts receivable 165,000
Prepaid rent 6,500
Inventory 40,000
Equipment 450,000
Accumulated depreciationequipment 140,000
Accounts payable 45,000
Notes payabledue in three months 45,000
Salaries payable 5,500
Interest payable 16,600
Common stock 275,000
Retained earnings 83,000
Dividends 14,100
Sales revenue 550,000
Costs of goods sold 255,000
Salaries expense 135,000
Rent expense 30,000
Depreciation expense 45,000
Interest expense 3,500
Advertising expense 4,000 _________
Totals 1,160,100 1,160,100
Required:
Construct a classified balance sheet for China Tea Company as of December 31, 2021
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