Exercise 7-22A (Algo) Preparing a classified balance sheet LO 7-10 Required Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $41,560 Accounts payable 7,710 Cash 16,880 Common stock 41,500 Land 18,000 Long-term notes payable 22,650 Merchandise inventory 29,075 Retained earnings 33,655 Assets Current assets ALPHA CO. Classified Balance Sheet As of December 31, Year 1 Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity