The Financial Statement Columns of the Worksheet for Miracle Max

question 142

Essay

The financial statement columns of the worksheet for Miracle Max at December 31, 2018, are as follows: Instructions
(a) Calculate the retained earnings balance that would appear on a balance sheet at December 31, 2018.
(b) Prepare a classified balance sheet for Miracle Max at December 31, 2018 assuming the note payable is a long-term liability.

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Definitions:

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