The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $4,700; Accounts Receivable, $8,700; Supplies, $18,700; Equipment, $117,000; Accumulated Depreciation, $43,500; Accounts Payable, $25,700; Salaries Payable, $15,700; Common Stock, $57,000; and Retained Earnings,. Prepare the December 31, 2021, classified balance sheet including the correct balance for retained earnings. (Amounts to be deducted should be entered with minus sign.)

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Business

Paulina Stafford

30 September, 14:54

The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $4,700; Accounts Receivable, $8,700; Supplies, $18,700; Equipment, $117,000; Accumulated Depreciation, $43,500; Accounts Payable, $25,700; Salaries Payable, $15,700; Common Stock, $57,000; and Retained Earnings,. Prepare the December 31, 2021, classified balance sheet including the correct balance for retained earnings. (Amounts to be deducted should be entered with minus sign.)

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Sergio Hull · Answer 1

Blue Devils Corporation balance sheet as at December 31, 2021

Non - Current Assets

Equipment, $117,000

Less Accumulated Depreciation ($43,500)

Total Non - Current Assets $73,500

Current Assets

Cash, $4,700

Accounts Receivable, $8,700

Supplies, $18,700

Total Current Assets $32,100

Total Assets $105,600

Current Liabilities

Accounts Payable, $25,700

Salaries Payable, $15,700

Total Current Liabilities $41,400

Equity

Common Stock, $57,000

Retained Earnings (Balancing Figure) $7,200

Total Equity $64,200

Total Equity and Liabilities $105,600

Explanation:

The Balance of retained earnings is determined by missing figure approach using the Accounting Equation : Assets = Liabilities + Equity.