Preparing a classified balance sheet for a merchnadiser

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 $ 7,400 Retained earnings 77,400 Notes payable (due in 9 years) 8,400 Office supplies 16,800 Land 24,000 Accumulated depreciation-Building 5,800 Mortgages payable (due in 5 years) 18,000 Cash 24,000 $ 64,000 58,000 4,800 50,000 7,800 40,000 44,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Lommon STOCK 24,000 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 MacBook Pro "13100" 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