Athens Inc. prepared the following post-closing trial balance at December 31, 2019: Required: Prepare a classified balance

Question:

Athens Inc. prepared the following post-closing trial balance at December 31, 2019:
Debit Credit $ 3,325 27,975 8,350 21,150 305,520 126,310 9,970 42,400 134,800 Cash Accounts Receivable Prepaid Insurance

Required:
Prepare a classified balance sheet for Athens at December 31, 2019. (Athens reports the three categories of operating assets in separate subsections of assets.)

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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