The adjusted trial balance for Cortez Company at December 31, 2024 is presented below:

Accounts	Debit	Credit
Cash	$ 13,000
Accounts receivable	167,000
Prepaid rent	6,000
Supplies	26,000
Equipment	330,000
Accumulated depreciation		$ 130,000
Accounts payable		11,000
Salaries payable		3,700
Interest payable		1,400
Notes payable (due in two years)		30,000
Common stock		180,000
Retained earnings		141,400
Dividends	24,000
Service revenue		420,000
Salaries expense	190,000
Advertising expense	79,000
Rent expense	13,000
Depreciation expense	34,000
Interest expense	2,500
Utilities expense	33,000
Totals	$ 917,500	$ 917,500

Prepare a classified balance sheet for Cortez Company as of December 31, 2024. 

Answer rating: 100% (QA)

Step 12 Assets includes current assets Cash Account receivable Inventory Prepaid expense etc and Non ... View the full answer