[tbagano]

Information:
Inventory 101,000
Retained Earnings ?
Property, Plant and Equipment 278,000
Prepaid Expenses 13,000
Accrued Liabilities Payable 17,000
Long-term Note Payable 104,000
Accounts Receivalbe, Net 102,000
Common Stock 110,000
Dividends Payable 3000
Paid-in Capital>par, Common 110,000
Accounts Payable 31,000
Preferred Stock 50,000
Cash 43000
Service Revenue 174375

Additional Information:
A. Common Stock $5 par, 100,000 shares authorized, 22,000 shares issued
B. Preferred Stock, 4% $10 par, 25,000 shares issued
C. Net income for the year 46,750

Please help me complete a classified balance sheet

P

[pready]

First you need to classify your accounts as some of them will not show up on a balance sheet. i.e. your Income Statement accounts will not show up.

Once you figure that out you need to know what your assets, liabilites, and owner equity accounts are.

The formula you must know is:
Assets = Liabilities + Owner's Equity

Once you know this you add your accounts together then you can solve for your unknown amount.

Therefore to sovle for Retained Earnings:
Retained Earnings = Assets - Liabilities - your other Onwer's Equity amount

Once you have solved for retained earnings you can prepare a classified balance sheet.

From your information assets will be separated into current assets and Property, Plant, and equipment with a total amont for assets.
Liabilities will be separated into current liabilities and non-current liabilites, and your onwers equity amounts will be separated and you will have total liabilities and onwers equity amount.

Note: Total assets must equal your Total Liabilities and Onwers Equity amount.

To see what a classified balance sheet looks like I would look for one in your accounting textbook.