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Hello, I need help with the following question. Thank you The financial statement columns of the worksheet for Miracle Max at December 31, 2018, are
Hello, I need help with the following question. Thank you
The financial statement columns of the worksheet for Miracle Max at December 31, 2018, are as follows: MIRACLE MAX Prepare a worksheet. For the Year Ended December 31, 2018 Income Statement Balance Sheet Accounts Dr. Cr. Dr. Cr. Cash 13,000 7,000 4,000 6,000 207,000 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals 29,000 19,000 70,000 3,000 50,000 62,000 18,000 123,000 21,000 12,000 3,000 17,000 42,000 6,000 101,000 22,000 123,000 123,000 255,000 233,000 22,000 Net Income 123,000 255,000 255,000 Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2018. (List items that increase retained earnings first.) MIRACLE MAX Retained Earnings Statement vi vi Prepare a classified balance sheet for Miracle Max at December 31, 2018 assuming the note payable is a long-term liability. (List current assets in order of liquidity.) MIRACLE MAX Balance Sheet Assets $ $ $ $ Liabilities and Stockholders' Equity $ $ Liabilities and Stockholders' Equity $ > > $ $Step by Step Solution
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