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The adjusted trial balance of Snow White Mining Limited as of December 31, 2020 is shown below: Snow White Mining Limited Adjusted Trial Balance December

The adjusted trial balance of Snow White Mining Limited as of December 31, 2020 is shown below:

Snow White Mining Limited

Adjusted Trial Balance

December 31, 2020

Account Name

Debit

Credit

Cash

$11,640

Accounts Receivable

$41,490

Prepaid Rent

$1,350

Equipment

$53,450

Accounts Payable

$13,600

Interest Payable

$2,130

Salary Payable

$930

Income Tax Payable

$8,800

Note Payable

$40,720

Capital Stock

$12,000

Retained Earnings (January 1, 2020)

$20,380

Dividends

$48,000

Sales Revenue

$187,670

Cost of Goods Sold

$62,240

Salary Expense

$43,060

Rent Expense

$12,000

Interest Expense

$4,200

Income Tax Expense

$8,800

$286,230

$286,230

Required:

You have already correctly calculated that Net Income For The Year Ended December 31st, 2020 is $57,370 and Ending Retained Earnings is $29,750.

Prepare Snow White Mining Limiteds Balance Sheet as at December 31, 2020.

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