The financial statement columns of the worksheet for Miracle Max at December 31, 2018, are as follows:
Instructions
(a) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2018.
(b) Prepare a classified balance sheet for Miracle Max at December 31, 2018 assuming the note payable is a long-term liability.

Question

The financial statement columns of the worksheet for Miracle Max at December 31, 2018, are as follows:  
Instructions
(a) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2018.
(b) Prepare a classified balance sheet for Miracle Max at December 31, 2018 assuming the note payable is a long-term liability.

Quizplus · Accepted Answer

The Answer of The financial statement columns of the worksheet for Miracle Max at December 31, 2018, are as follows:  
Instructions
(a) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2018.
(b) Prepare a classified balance sheet for Miracle Max at December 31, 2018 assuming the note payable is a long-term liability.

The Financial Statement Columns of the Worksheet for Miracle Max