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Dunder Mifflin's bookkeeper prepared the following classified balance sheet and income statement at February 28,2018. He does not understand accruals and deferrals: Dunder Mifflin, Inc. Classified Balance Sheet For the month ended February 28, 2018 Assets Current Assets $253,000 34,800 18,500 15,000 321,300 42,500 75,000 $438,800 Cash Accounts Receivable Supplies Prepaid advertising Total current assets Equipment Long-term notes receivable Total assets Liabilities and Stockholder's Equity Current Liabilities $ 10,800 400 16,500 27,700 60,000 87,700 Accounts payable Interest payable Unearned revenue Total current liabilities Notes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 150,000 78,100 228,100 $315,800 Dunder Mifflin's bookkeeper prepared the following classified balance sheet and income statement at February 28,2018. He does not understand accruals and deferrals: Dunder Mifflin, Inc. Classified Balance Sheet For the month ended February 28, 2018 Assets Current Assets $253,000 34,800 18,500 15,000 321,300 42,500 75,000 $438,800 Cash Accounts Receivable Supplies Prepaid advertising Total current assets Equipment Long-term notes receivable Total assets Liabilities and Stockholder's Equity Current Liabilities $ 10,800 400 16,500 27,700 60,000 87,700 Accounts payable Interest payable Unearned revenue Total current liabilities Notes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 150,000 78,100 228,100 $315,800

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