Question: Preparing a classified balance sheet Required Use the following information to prepare a classified balance sheet for Little Co. at the end of 2010. Accounts

Preparing a classified balance sheet

Required

Use the following information to prepare a classified balance sheet for Little Co. at the end of 2010.

Accounts receivable ...... $42,500

Accounts payable ........ 12,500

Cash ............. 16,230

Common stock .......... 40,000

Long-term notes payable ...... 27,000

Merchandise inventory ...... 31,000

Office equipment (net) ...... 27,000

Retained earnings ........ 40,430

Prepaid insurance ......... 3,200


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