Consider the following account balances of Purrfect Pets Inc

Consider the following account balances of Purrfect Pets, Inc., as of June 30, Year 3 Accounts Payable Equipment Common Stock Income Tax Payable 55,400 343,900 203,200 97,450 $116,180Retained Earnings 422,300 Notes Payable, due Year 5 203.500 Accounts Receivable 3,970 Cash Required Prepare a classified balance sheet at June 30, Year 3 PURRFECT PETS, INC. Balance Sheet At June 30, Year 3 Assets Liabilities Current Assets Current Liabilities Total Current Assets Total Current Liabilities Total Liabilities Stockholders\' Equity Total Stockholders\' Equity Total Liabilities & Stockholders\' Equity Total Assets

Solution

Balance sheet of the purrfect Inc

For the year ended 30 June

Liability

Account payable. $116180

Income tax payable. $3970

Notes payable. $343900

Total current liabilities. $464050

Common stock. $203500

Retained earnings. $55400

Total equity shares holder. $258900

Total liabilities. $722950

Assets

Equipment. $422300

Account receivable. $203200

Cash. $97450

Total assets. $722950