Use the data for Tesla Electrical Supply, Inc., from E4-21A.

Refer to data Exercise E4-21A,

Requirement
Prepare Tesla Electrical Supply, Inc.'s classified balance sheet. Use the account format. The balance shown for retained earnings represents the balance prior to closing the temporary accounts for the year?

Transcribed Image Text:

Cost of Goods Sold. Accumulated Depreciation, Equipment. $ 6,450 46,500 5,800 35,000 10,000 24,500 1,450 $123,700 Cash. Equipment. Accounts Payable. 13,700 2,350 Common Stock. Unearned Revenues. Sales Revenue. Long-Term Notes Payable.. General Expenses. Salaries Payable. 275,000 5,100 Accounts Receivable. Accumulated Depreciation, Supplies. Building.. Sales Returns and 950 Building. Mortgage Payable (Long-Term) 38,000 135,000 25,900 Allowances. 3,400 1,750 Dividends. 45,000 1,500 37,000 16,050 Prepaid Rent Interest Expense Sales Discounts Selling Expenses 40,450 Inventory. 750 Retained Earnings