Question: The following accounts exist in the ledger of Higgins Company

The following accounts exist in the ledger of Higgins Company: accounts payable, accounts receivable, accumulated depreciation, bonds payable, building, common stock, cash, equipment, income taxes payable, inventory, notes payable (due in 5 years), prepaid insurance, retained earnings, trademarks, wages payable.
Required:
1. Organize the above items into a properly prepared classified balance sheet.
2. Which information might be helpful to assess liquidity?

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  • CreatedSeptember 22, 2015
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