Given the following year-end balances, prepare a classified balance sheet for Briggs Manufacturing dated December 31, 2012. (Hint: Compute net income first.)

Interest Expense $ 2,000
Beginning Retained Earnings 13,100
Depreciation Expense 5,200
Cash 26,900
Accounts Payable 3,300
Rent Expense 7,200
Accumulated Depreciation, Equipment 13,500
Wage Expense 59,200
Prepaid Rent 1,400
Paid-in Capital 9,000
Accounts Receivable 13,600
Wages Payable 3,200
Equipment 63,000
Sales 249,600
Inventory 14,400
Long-term Note Payable 20,000
Income tax Expense 24,500
Dividends Declared 21,000
Cost of Goods Sold 94,300
Dividends Payable 21,000

Briggs Manufacturing
Balance Sheet
December 31, 2012

Current Assets:
Cash $26,900
Accounts Receivable 13,600
Inventory 14,400
Prepaid Rent 1,400
Total Current Assets $56,300
Long-term Assets:
Equipment $63,000
Less: Accumulated Depreciation (13,500 ) 49,500
Total Assets $105,800

Current Liabilities:
Accounts Payable $ 3,300
Dividends Payable 21,000
Wages Payable 3,200
Total Current Liabilities $27,500
Long-term Liabilities:
Note Payable 20,000
Total liabilities 47,500
Stockholders' Equity:
Paid-in Capital 9,000
Retained Earnings 49,300
Total Stockholders' Equity 58,300
Total Liabilities and Stockholders' Equity $105,800