Preparing a classified balance sheet Required Use the following information to prepare a classified balance sheet for

Question:

Preparing a classified balance sheet

Required

Use the following information to prepare a classified balance sheet for Steller Co. at the end of 2012.

Accounts receivable .... $42,500

Accounts payable ...... 8,000

Cash ............ 15,260

Common stock ....... 42,000

Long-term notes payable .... 23,000

Merchandise inventory .... 29,000

Office equipment ....... 28,500

Retained earnings ....... 45,460

Prepaid insurance ...... 3,200

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...