Calculate the retained earnings balance The financial statement columns of the worksheet for The Coffee Pot at December 31, 2011, are as follows: THE COFFEE POT Worksheet For the Year Ended December 31, 2011 Statement of Income Statement Financial Position Accounts Debit Credit Debit Credit Cash 15,000 Accounts Receivable 7,000 Supplies 4,000 Prepaid Insurance 6,000 Equipment 209,000 Accumulated Depreciationâ€”Equipment 29,000 Accounts Payable 19,000 Note Payable 70,000 Salaries Payable 3,000 Share Capital-Ordinary 50,000 Retained Earnings 62,000 Dividends 14,000 Revenue 123,000 Advertising Expense 21,000 Depreciation Expense 12,000 Insurance Expense 3,000 Rent Expense 17,000 Salaries Expense 42,000 Supplies Expense 6,000 Totals 101,000 123,000 255,000 233,000 Net Income 22,000 22,000 123,000 123,000 255,000 255,000 Instructions (a) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2011. (b) Prepare a classified statement of financial position for The Coffee Pot at December 31, 2011 assuming the note payable is a long-term liability. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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