The account balances for Furniture Co for the year ended August 31, 2018 are presented below in random order.

net income for the year amounted to $48,950.

TR tc es Before we prepare the balance sheet, let's determine the ending balance in the Retained earnings accounts. Start by selecting the formula and then enter the amounts to calculate ending retained earnings Beginning retained earnings Net income Dividends Ending retained earings 14560 46000 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 Paul's Furniture, Inc. Balance Sheet August 31, 2018 Assets Llabilities Totallaties Stockholders' Equity Less LOS Total stockholders alty Total laboties and stockholders equity Total as X - i Data Table Cash S $ 130,800 8,700 3,500 246,000 7.900 4 ... LLLL Equipment Accounts payable. Common stock Long-term notes payable General expenses Salaries payable Supplies Building... Estimated refund liability Prepaid rent Interest expense 10,100 Cost of goods sold. 39,800 Accumulated depreciation 7.900 equipment 30,000 Uneamed revenues 55,000 Sales revenue 21,800 Accounts receivable 3,500 Accumulated depreciation, 2.400 building 115,000 Mortgage payable dong-term) 4,300 Dividends 800 Estimated Inventory returns 950 Selling expenses 14.550 Inventory IM HIP 18,500 33,000 46,000 2,500 43,500 3,400 . Retained eamings INICIMA