PO UZTol 2 The account balances for Nancy Salon Products, inc. for the year ended August 31, 2018, are presented below in random order (Click the icon to view the account balance ating) Net Income for the year amounted to $70,950 Read the aurement Before we prepare the balance sheet, as determine the ending balance in the Retained earnings accounts. Start by selecting the formula and then enter the amounts to calculate ending retained earning Beginning retained earnings Not income Dividendo Ending retained earnings 10,850 70.950 41.000 40.800 Prepare the classified balance sheet Start by completing the asset portion of the statement, and then complete the abilities and stockholders' equity sections of the statement Nancy Salon Products, Inc. Balance Sheet August 31, 2018 Homework: Ch 4HW The account balances for Nancy Salon Products, Inc., for the year ended August 31, 2018, are presen (Click the icon to view the account balances listing.) Net income for the year amounted to $70,950 Read the requirement Nancy Salon Products, Inc. Balance Sheet August 31, 2018 Assets Less: Less: Total assets Help Me Solve This e Text Pages Get More Help Data Table $ $ Cash 123,500 Equipment 6,100 1,100 234,500 7,900 . Accounts payable Common stock. Long-term notes payable ...... General expenses Salaries payable. Supplies Building Estimated refund liability Prepaid rent 20,500 Cost of goods sold 15,900 Accumulated depreciation, 7,200 equipment 55,000 Unearned revenues 5,000 Sales revenue... 20,600 Accounts receivable 3,500 Accumulated depreciation, 3,300 building 130,000 Mortgage payable (long-term) 4,100 Dividends. 3,300 Estimated inventory returns 950 Selling expenses 10,850 Inventory * 35,600 26,000 41,000 1,600 18,500 1,900 Interest expense Retained earnings Print Done