Prepare a classified balance sheet

Salaries payable$ $6,000$

Retained earnings$ $50,000$

Buildings $55,000$

Notes payable $($due in $9$ years$)30,000$ Prepaid rent $7,000$

Office supplies$2,000$

Merchandise inventory $14,000$

Land $22,000$

Accounts payable $10,000$

Accumulated depreciation$-$Building $5,000$Prepaid insurance $3,000$

Mortgages payable $($due in $5$ years$)12,000$Accounts receivable $4,000$

Cash $16,000$

Common stock $10,000$

Answer rating: 100% (QA)

Assets 1 Current Assets Cash 16000 This represents the amount of cash available to the company at the time of preparing the balance sheet Accounts Receivable 4000 This is the amount owed to the compan... View the full answer