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The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $17,000; accounts receivable, $12,000; inventory, $26,000; equipment (net), $81,000; accounts payable, $15,000; salaries payable, $5,500; interest payable, $1,500; notes payable (due in 18 months), $31,000; common stock, $52,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $120,000.

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Answer:

Explanation:

Total assets = Total liabilities + Equity + Retained earnings

Total assets = 17,000 + 12,000 + 26,000 + 81,000

                    = $136,000

Equity is $52,000

Total liabilities and equity = 15,000 + 5500 + 1500 + 31,000 + 52,000

                                           = $105,000

Retained earnings = Total assets - total liabilities and equity

                               = $31,000

Net investment of 81,000  is original cost of $120,000 less accumulated depreciation of $39,000.

Classified balance sheet is prepared in the attached spreadsheet:

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