Prepare a classified balance sheet as of December 31 for Crane Distributors.

Show the working for the calculation of retained earnings
 

The following financial data for Crane Distributors was collected as of December 31. Cash $15,200 Delivery equipment Accounts receivable 110,200 Accumulated depreciation Inventory 114,000 Accounts payable Prepaid insurance 2,400 Common stock Supplies 6,400 Retained earnings $80,000 35,000 70,000 100,000 2