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 6,600 64,600 7,600 15, 200 16,000 4,200 10,000 16,000 Retained earnings Notes payable (due in 9 years) Office supplies Land Accumulated depreciation-Building Mortgages payable (due in 5 years) Cash $ 56,000 42,000 3,200 34,000 6,200 24,000 28,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) ADAMS CO. Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total plant assets Total assets Liabilities Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Equity Total equity Total liabilities and equity