Use the following information to prepare a classified balance sheet for Alpha Co. at the end of

Question:

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2016.

Accounts receivable .....$26,500

Accounts payable ....... 12,200

Cash ............ 20,500

Common stock ....... 30,000

Land ............ 10,000

Long-term notes payable ..... 17,500

Merchandise inventory ...... 26,300

Retained earnings ........ 23,600

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...