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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 6,200 58,200 7,200 14,400 12,000 3,400 6,000 12,000 Retained earnings Notes payable (due in 9 years) office supplies Land Accumulated depreciation-Building Mortgages payable (due in 5 years) Cash $ 52,000 34,000 2,400 26,000 5,400 16,000 20,000 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 $ Cash Accounts receivable 20.000 6.000 ADAMS CO. Balance Sheet December 31 Assets Current assets 20,000 6,000 Cash Accounts receivable Merchandise inventory Office supplies Prepaid insurance 14.4001 2.400 3,400 $ 46.200 Total current assets Plant assets Land Buildings Accumulated depreciation-Buildings $ 26,000 58,200 34.000 Total plant assets Total assets 118,200 164 400 Liabilities Current liabilities Accounts payable Salaries payable $ (12,000) (6,200) $ (18,200) Total current liabilities Long-term liabilities Notes payable Mortgages payable (34,000) (16,000) Total long-term liabilities Total liabilities (50,000) (68,200) Equity Common stock Retained earnings 12,000 52,000 Total equity Total liabilities and equity 64.000 -4,200 $