i Requirement 1. Prepare Perfect Frame, Inc.'s classified balance sheet. Use the account format. The balance shown for Retained earnings represents the balance before closing the temporary accounts for the year. Print Done i Data Table 130,800 7,600 3,100 246,000 7,200 Cash ........$ Equipment Accounts payable.......... Common stock. ............. Long-term notes payable General expenses ....... Salaries payable.. Supplies Building Estimated refund liability Prepaid rent Interest expense....... Retained earnings ........... 15,800 Cost of goods sold ..............$ 7,800 Accumulated depreciation, 6,800 equipment 55,000 Unearned revenues ..... 30,000 Sales revenue.......... 20,600 Accounts receivable ....... 3,300 Accumulated depreciation, 1,300 building 140,000 Mortgage payable (long-term) ..... 3,500 Dividends ..... 3,300 Estimated inventory returns ....... 1,300 Selling expenses 20,900 Inventory 39,000 20,500 64,000 2,100 38,000 3,500 Print Done The account balances for Perfect Frame, Inc., for the year ended August 31, 2018, are presented below in random order: E: (Click the icon to view the account balances listing.) Net income for the year amounted to $55,300. Read the requirement. Beginning retained earnings + | = Ending retained earnings 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. Balance Sheet August 31, 2018 Assets Liabilities Total liabilities Stockholders' Equity Less: Less: Total stockholders' equity Total assets Total liabilities and stockholders' equity