Exercise $11-15($Algo$)$ Preparing a classified balance sheet LO C$2,$ C$3,$ P$1,$ P$3$

Prepare a classified balance sheet for Tucson Company for the year ended December $31$ using the following data.

Note: Amounts to be deducted should be indicated by a minus sign.

Common stock $ $1,000$

Cash $22,400$

Land $37,000$

Retained earnings $13,000$

Accounts receivable $5,400$

Paid$-$in capital in excess of par value, common stock $17,000$

Notes payable $($due in $5$ years$)12,400$

Preferred stock $8,000$

Salaries payable $7,400$

Accounts payable $10,000$

Treasury stock $6,000$

Paid$-$in capital in excess of par value, preferred stock $2,000$