Given the following year-end balances, prepare a classified balance sheet for Shelly Company dated December 31, 20X8.Interest Expense $ 2,000Beginning Retained Earnings 13,100Depreciation Expense 5,200Cash 26,900Accounts Payable 3,300Rent Expense 7,200Accumulated Depreciation 13,500Wage Expense 59,200Prepaid Rent 1,400Paid-in Capital 9,000Accounts Receivable 13,600Wages Payable 3,200Equipment 63,000Sales 249,600Inventory 14,400Long-term Note Payable 20,000Income tax Expense 24,500Dividends Declared 21,000Cost of Goods Sold 94,300Dividends Payable 21,000SOLUTION:INCOME STATEMENT SHELLY COMPANYFor the year ended 31st Dec 20X8REVENUESales 249600 EXPENSESCost of Goods SoldIntrest expenseDepriciation expenseRent expenseWage expenseIncome tax…
