Danny Hair Stylistss adjusted trial balance and statement of

Danny Hair Stylists\'s adjusted trial balance and statement of retained earnings follow. Prepare Danny\'s unclassifed balance sheet at December 31, 2018. Use the account form. (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the statement of retained eamings.) Begin by preparing the asset section of the balance sheet, then prepare the liabilities and retained eamings sections. (If a box is not uselData Table zero. Abbreviation used: Acc. Depr. = Accumulated Depreciation.) Danny Hair Stylists Balance Sheet December 31, 2018 Danny Hair Stylists Adjusted Trial Balance December 31, 2018 Assets Liabilities Account Title Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Common Stock Debit Credit 1,100 1,600 2,100 19,900 Less: Stockholders\' Equity $1,700 700 1,000 4,000 13,300 1,800 Service Revenue Rent Expense Supplies Expense 13,500 Danny Hair Stylists Statement of Retained Earnings Year Ended December 31, 2018 4,000 600 1,700 1,400 Interest Expense Retained Earnings, January 1, 2018 S 34,200 $ 34,200 Total 5,800 5,800 (1,800) 4,000 Net income for the year PrintDone to the next question. Retained Earnings, December 31, 2018

Solution

1. Balance Sheet :

Long term assets is Note receivable, due in 5 years

so answer is a) Notes receivable, due in 5 years

Assets		Amount	Liabilities	Amount
Cash		1100	Account payable	700
Account receivable		1600	Interest payable	1000
Office supplies		2100	Notes payable	4000
Equipment	19900
Less: Accumlated dep	(1700)	18200	Stockholder\'s equity
			Common stock	13300
			Retained earningss	4000
		23000		23000