Olympic Acquisitions Inc. prepared the following post-closing trial balance at December 31, 2019:

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

Transcribed Image Text:

Debit Credit $ 5,400 16,200 25,800 42,350 155,900 Cash Accounts Receivable Supplies Land Buildings Equipment Truck 278,650 31,100 Franchise 49,600 313,500 94,600 Goodwill Natural Resources $ 4,250 Accounts Payable Accumulated Depreciation (Buildings) Accumulated Depreciation (Equipment) Accumulated Depreciation (Truck) Wages Payable Interest Payable Income Taxes Payable Notes Payable (due in 8 years) Common Stock Retained Earnings 112,000 153,000 16,300 6,850 7,125 12,125 185,550 304,500 211,400 Totals $1,013,100 $1,013,100