Question:
Given the following year-end balances, prepare a classified balance sheet for Shelly Company dated December 31, 20X8.
Interest Expense $ 2,000
Beginning Retained Earnings 13,100
Depreciation Expense 5,200
Cash 26,900
Accounts Payable 3,300
Rent Expense 7,200
Accumulated Depreciation 13,500
Wage Expense 59,200
Prepaid Rent 1,400
Paid-in Capital 9,000
Accounts Receivable 13,600
Wages Payable 3,200
Equipment 63,000
Sales 249,600
Inventory 14,400
Long-term Note Payable 20,000
Income tax Expense 24,500
Dividends Declared 21,000
Cost of Goods Sold 94,300
Dividends Payable 21,000
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