Question

Dalton Hair Stylists's adjusted trial balance follows. (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the statement of retained eamings.) Prepare Dalton's classified balance sheet at December 31, 2024. Assume the Notes Payable in due on December 1, 2031. Use the report form. Begin by preparing the set section of the balance sheet, then prepare the abilities section and finally the stockholders' quity section. It a box is not used in the balance sheet, leave the box onety, do not select an label or enter a zero Dalton Hair Stylists Balance Sheet December 31, 2024 Assets

Answer 1

Dalton Hair Stylists Balance Sheet December 31, 2024 Assets Current Assets Cash $1,300 $1,500 $1,800 $4,600 Accounts Receivable Office Supplies Non-Current Assets Equipment Less: Accumulated Depreciation Total Assets $20,900 ($2,200) $18,700 $23,300 Liabilities Current Liabilities Accounts Payable Interest Payable Non-Current Liabilities Notes Payable (Long-term) Total Liabilities $400 $500 $900 $3,100 $3,100 $4,000 Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $16,150 $3,150 $19,300 $23,300

$13,800 Income Statement Service Revenue (A) Expenses: Rent Expense Supplies expense Depreciation expense-Equipment Interest expense Total Expenses (B) Net Income (A-B) $3,900 $850 $2,200 $2,300 $9,250 $4,550

Statement of Retained Earnings Opening Balance $ Add: Net Income $4,550 $4,550 ($1,400) $3,150 Less: Dividend Paid Closing Balance

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