CLC Balance Sheet Accounting Question

Question Description

I’m working on a accounting question and need an explanation and answer to help me learn.

1.Below is the adjusted trial balance for Buy More:

Buy More
Adjusted Trial Balance
December 31, 2018
	Debit	Credit
Cash	$ 10,000
Accounts Receivable	5,000
Prepaid Rent	3,000
Prepaid Insurance	2,000
Supplies	1,100
Short-term Investments	880
Investments in Securities (5 years)	10,000
Building	50,000
Land	25,000
Accumulated Depreciation-Building		$ 5,000
Trademark	2,500
Goodwill	10,000
Accounts Payable		8,000
Unearned Revenue		3,500
Notes Payable(3 months)		5,000
Notes Payable(7 years)		15,000
Common Stock		45,000
Retained Earnings, December 31, 2017		18,500
Dividends	1,100
Fees Earned		25,580
Salaries Expense	2,500
Rent Expense	1,700
Utilities Expense	800
Total	$ 125,580	$ 125,580

1.Prepare a classified balance sheet as of December 31, 2018. You must calculate ending Retained Earnings balance for December 31, 2018.

[HINT: Do closing entries or a Retained Earnings Statement to find calculate the new Retained Earnings amount.]

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