The adjusted trial balance for China Tea Company at December 31, 2006 is presented below:
Debit Credit
Cash 10,500
Accounts Receivable 150,000
Allowance for uncollectible accounts 10,000
Prepaid rent 5,000
Inventory 25,000
Equipment 300,000
Accumulated depreciation-equipment 125,000
Accounts payable 20,000
Notes payable- due in three months 30,000
Salaries payable 4,000
Interest payable 1,000
Capital stock 200,000
Retained earnings 50,000
Sales revenue 400,000
Cost of goods sold 180,000
Salaries expense 120,000
Rent expense 15,000
Depreciation expense 30,000
Interest expense 2,000
Bad debt expense 2,500
Totals 840,000 840,000
a. Prepare a classified balance sheet for China Tea Company as of December 31,2006
b. Prepare an income statement for China Tea Company for the year ended December 31,2006
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