The adjusted trial balance for china tea company at december 31, 2021, is presented below: accounts debit credit cash $ 14,000 accounts receivable 168,000 prepaid rent 7,000 supplies 33,000 equipment 340,000 accumulated depreciation $ 133,000 accounts payable 11,000 salaries payable 3,000 interest payable 1,900 notes payable (due in two years) 20,000 common stock 190,000 retained earnings 82,400 dividends 28,000 service revenue 490,000 salaries expense 187,000 advertising expense 70,000 rent expense 12,000 depreciation expense 35,000 interest expense 2,300 utilities expense 35,000 totals $ 931,300 $ 931,300 prepare a classified balance sheet for china tea company as of december 31, 2021. (amounts to be deducted should be indicated with a minus sign.)

With the retained earning of the Income Statement $ 120,700, complete the accounting equation in the Retained Earning section.

2021Balance Sheet

$14,000  Cash

$168,000Accounts Receivable

$7,000    Prepaid Rent

$33,000  Supplies

$222,000  TOTAL CURRENT ASSETS  

$340,000Equipment

-$133,000Accum Depreciation

$207,000  TOTAL NONCURRENT ASSETS  

$429,000  TOTAL ASSETS  

$11,000  Accounts Payable  

$1,900  Interest Payable  

$3,000  Salaries Payable  

$15,900  TOTAL CURRENT LIABILITIES  

$20,000  Note Payable  

$20,000  TOTAL NONCURRENT LIABILITIES  

$35,900  TOTAL LIABILITIES  

$190,000  Common Stock  

$203,100  Retained Earnings  

$393,100  TOTAL EQUITY  

$429,000  TOTAL EQUITY + LIABILITIES  

Explanation:

Account of Current Assets , the criteria is to have a liquidity speed less of one year

Cash

Accounts Receivable

Prepaid Rent

Supplies

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets

Equipment

Accum Depreciation

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year

Accounts Payable  

Interest Payable  

Salaries Payable  

Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing

Note Payable  

Account of Total Equity

Common Stock  

Retained Earnings  

Income Statement2021

Sales$490,000

Depreciation-$35,000

Salaries Expenses-$187,000

Advertising Expenses-$70,000

Rent Expenses-$12,000

Utilities Expenses-$35,000

Net Income Before Taxes and Int$151,000

Interest Expenses-$2,300

Net Income Before Taxes$148,700

Dividends-$28,000        

Retained Earnings $120,700

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