Before we prepare the balance sheet, let's determine the ending balance in the Retained earnings accounts. Start by selecting the formula and then enter the amounts to calculate ending retained earnings. Beginning retained earnings + Net income Dividends 62,200 48,000 46,300 + $ $ = $ Ending retained earnings 60,500 Prepare the classified balance sheet. Start by completing the asset portion of the statement, and then complete the liabilities and stockholders' equity sections of the statement. Perfect Frame, Inc. Assets Current Assets: Cash Balance Sheet August 31, 2018 Data table Supplies Prepaid rent Accounts receivable Inventory $ 3,200 2,400 Cash. 2,400 Equipment 5,500 3,100 3,200 Cost of goods sold 128,700 46,500 Accumulated depreciation, Accounts payable.. 6,300 equipment 6,100 Common stock. 40,000 Unearned revenues 3,300 Long-term notes payable 5,000 Sales revenue. 255,000 Total current assets 16600 General expenses 21,800 Accounts receivable 5,500 Long-Term Assets: Salaries payable. 2,100 Accumulated depreciation, Equipment 46,500 Supplies 2,400 building 27,800 Less: Accumulated depreciation, equipment Building 6,100 6100 Building... 130,000 Mortgage payable (long-term) 41,500 130,000 Estimated refund liability 2,700 Dividends 48,000 Less: Accumulated depreciation, building 27,800 27800 Prepaid rent 2,400 Estimated inventory returns 2,200 Interest expense. 800 Selling expenses. 41,500 50,500 Total assets Retained earnings 46,300 Inventory. 3,100