Question

Refer to the data in Short Exercise S4-1. Prepare Dalton’s unclassified balance sheet at December 31, 2018. Use the account form.

Short answer

DALTON HAIR STYLISTS
Balance Sheet
December 31, 2018
Assets	Liabilities
Cash	$1,300	Accounts Payable	$400
Office Supplies	1,800	Interest Payable	500
Accounts Receivable	1,500	Notes Payable	3,100
Equipment	20,900	Total Liabilities	4,000
Less: Accumulated Depreciation- Equipment	2200	Stockholders’ Equity
		Common Stock	16,150
		Retained Earnings	3,150
		Total Stockholders’ Equity	19,300
Total Assets	$23,300	Total Liabilities and Stockholders’ Equity	$23,300

Step-by-step solution

Explanation of balance sheet                          

Balance sheet indicates the balances of assets, liabilities, and owners’ equity for the particular accounting period.

Details of balance sheet

In the balance sheet, total assets equal $23,300, total liabilities equal $4,000, and total stockholders’ equity equal $19,300.