Required Use the following information to prepare a classified balance sheet for Latimer Co. at the end

Question:

Required

Use the following information to prepare a classified balance sheet for Latimer Co. at the end of

2016:

Accounts receivable .......$36,200

Accounts payable ......... 12,400

Cash ............... 29,650

Common stock ........... 50,000

Long-term notes payable ..... 45,500

Merchandise inventory ...... 38,300

Office equipment ........ 36,400

Retained earnings ......... 36,250

Prepaid insurance ........ 3,600

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...