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 7,300 Retained earnings 75,800 Notes payable (due in 9 years) 8,300 Office supplies 16,600 Land 23,000 Accumulated depreciation-Building 5,600 Mortgages payable (due in 5 years) 17,000 Cash 23,000 $ 63,000 56,000 4,600 48,000 7,600 38,000 42,000 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