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 Required: $ 7,700 82,200 8,700 17,400 Retained earnings $ 67,000 Notes payable (due in 9 years) Office supplies 64,000 5,400 Land 56,000 27,000 Accumulated depreciation-Building 8,400 21,000 27,000 6,400 Mortgages payable (due in 5 years) Cash 46,000 50,000 Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)