159. On January 1, 2011, the retained earnings account of Crystal Pool Service Company had a balance of $252,000. During the year, the company issued an additional $20,000 of capital stock and paid $52,400 in dividends. For the year ended December 31, 2011, Crystal Pool Service Company reported a net income of $72,300. Prepare a retained earnings statement for the year ended December 31, 2011.
160. The following accounts appear in an adjusted trial balance of Brock Pool Service Company. Indicate whether each account would be reported in the (a) current assets, (b) property, plant, and equipment, (c) current liabilities, (d) long-term liabilities, or (e) stockholders’ equity section of the December 31, 2011, balance sheet of Brock Pool Service Company.
1.Retained Earnings
2.Accumulated Depreciation
3.Unearned Revenues
4.Mortgage Payable
5.Equipment
6.Notes Payable (due in 2012)
7.Cash
8.Accounts Receivable
161. Explain the differences between a nonclassified balance sheet and a classified balance sheet.