Exercise 4-16 Preparing a classified balance sheet for a merchandiser LO P4 Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,800 67,800 7,800 15,600 18,000 4,600 12,000 18,000 Retained earnings Notes payable (due in 9 years) Office supplies Land Accumulated depreciation-Building Mortgages payable (due in 5 years) Cash $ 58,000 46,000 3,600 38,000 6,600 28,000 32,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)