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If you were to prepare a classified balance sheet based on the year-end adjusted trial balance below, total equity (AKA ending Equity) would equal: Adjusted
If you were to prepare a classified balance sheet based on the year-end adjusted trial balance below, total equity (AKA ending Equity) would equal: Adjusted Trial Balance Martin Air Freight December 31 Debit Credit Cash 18,200 Accounts receivable 34,200 Supplies 2,100 Long-term investments 25,000 Patents 16,000 Shipping equipment 45,000 Accumulated depreciationShipping equipment 11,080 Accounts payable 16,200 Wages payable 4,120 Long-term notes payable 20,000 Beginning Equity 40,400 Withdrawals/Draws/Distributions 15,000 Services revenue 145,000 Rent expense 8,000 Wages expense 62,000 Supplies expense 2,500 Depreciation expenseShipping equipment 4,050 Interest expense 1,000 Utilities expense 3,750 Totals $ 236,800
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