Using the information from the alphabetized post-closing trial balance below, prepare a classified balance sheet for Ialta Industries Inc. as at October 31, 2014. Be sure to use proper form, including all appropriate subtotals.
Account Description.....................Account Balance*
Accounts Payable ..................................................................................... $ 221,200
Accounts Receivable ................................................................................. 315,000
Accumulated Depreciation—Building ....................................................... 1,166,200
Accumulated Depreciation—Machinery ................................................... 1,068,200
Building ................................................................................................... 4,025,000
Cash........................................................................................................ 497,000
Common shares (unlimited shares authorized; 50,000 shares issued
At an average price of $44.80 per share; market price per share on
October 31, 2014, $79.80)................................................................... ?
Land........................................................................................................ 1,400,000
Long-Term Notes Payable (due in 2018).................................................. 770,000
Machinery ................................................................................................ 2,240,000
Office Supplies......................................................................................... 119,000
Preferred Shares ($2.10 non-cumulative, unlimited shares authorized;
30,000 shares issued at an average price of $48 per share; market
Price per share on October 31, 2014, $72)........................................... ?
Prepaid Insurance ..................................................................................... 20,400
Retained Earnings ..................................................................................................?
Unearned Fees......................................................................................... 33,600
Wages Payable......................................................................................... 156,000