Exercise 3-16 Prepare financial statements from an adjusted trial balance (LO3-5) (The following information applies to the questions displayed below.) The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,500 135,000 4,500 22,500 250,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 250,000 12,500 25,000 3,500 Totals $ 713,500 $ 713,500 2. Prepare a statement of stockholders' equity for the year ended December 31, 2018, assuming no common stock was issued during 2018. FIGHTIN' BLUE HENS CORPORATION Statement of Stockholders' Equity For the Year Ended December 31, 2018 Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 Less: Dividends Balance at December 31 3. Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) FIGHTIN' BLUE HENS CORPORATION Balance Sheet December 31, 2018 Assets Liabilities Total current assets Total current liabilities Total long-term liabilities Stockholders' Equity Total long-term assets Total assets Total stockholders' equity Total liabilities and stockholders' equity