The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:...
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Accounting
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Debit
Credit
Cash
11,300
Accounts receivable
158,000
Prepaid rent
5,800
Inventory
33,000
Equipment
380,000
Accumulated depreciationequipment
133,000
Accounts payable
38,000
Notes payabledue in three months
38,000
Salaries payable
4,800
Interest payable
13,100
Common stock
240,000
Retained earnings
67,600
Dividends
11,300
Sales revenue
480,000
Costs of goods sold
220,000
Salaries expense
128,000
Rent expense
23,000
Depreciation expense
38,000
Interest expense
2,800
Advertising expense
3,300
Totals
1,014,500
1,014,500
Required: Prepare a classified balance sheet for China Tea Company as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
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