The following information was obtained from the accounts of Company X dated December 31, 2020.

Account payable	87,916
Account receivable	77,551
Salary payable	53,952
Accumulated depreciation	220,541
Allowance for doubtful account	248
Capital in excess of par	72,913
Cash	58,837
Common stock	7,152
Current debt	36,875
Deferred income tax liability (long term)	52,070
Inventory	26,643
Investment and special fund (long term)	11,901
Long-term debt	390,808
Marketable securities	7,042
Other assets	10, 727
Prepaid expenses	3,963
Property, plant and equipment	829,980
Retained earnings	87,361
Unearned transportation revenue	16,808

Required: Prepare a classified balance sheet in report form

Answer rating: 100% (QA)

A classified Balance Sheet is one in which each item is grouped under relevant categories ... View the full answer