Common shares, 100,000 shares authorized; 25,000 shares were issued at an average price of $10.50; market price per share on March 31, 2020, was $11.70
?
Equipment
477,000
Income tax payable
56,100
Notes payable**
153,000
Patent
116,100
Prepaid rent
56,100
Retained earnings
?
Unearned revenues
28,500
Vehicles
82,500
*Assume that all accounts have normal balances. **$69,000 of the notes payable will be paid by March 31, 2021. Required: Using the information from the alphabetized post-closing trial balance above, prepare a classified balance sheet for Sassy Pharmaceuticals Inc. as at March 31, 2020
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