Use the data in Starter 5-13 to prepare Dawson Communications' classified balance sheet at December 31, 2017. Use the report format with all headings. Assume that net income is closed to the capital account.
In Starter 5-13
Suppose Dawson Communications uses the perpetual inventory system and reported these figures in its December 31, 2017, financial statements:
Accounts payable ........................................... $ 8,000
Accounts receivable .......................................... 5,600
Accrued liabilities ............................................. 3,200
Cash .................................................................. 7,600
Cost of goods sold......................................... 40,000
Equipment, net............................................... 17,400
Inventory ............................................................. 800
Long-term notes payable .................................. 1,800
Net sales revenue .......................................... 100,000
Total operating expenses................................ 37,000
V. Dawson, capital......................................... 18,400