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 $ 6,400 Retained earnings 61,400 Notes payable (due in 9 years) 7,400 Office supplies 14,800 Land 14,000 Accumulated depreciation-Building 3,800 Mortgages payable (due in 5 years) 8,000 Cash 14,000 $ 54,000 38,000 2,800 30,000 5,800 20,000 24,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.

Assets

Current Assets

Cash $24,000

Accounts Receivable $8,000

Merchandise inventory $14,800

Office Supplies $2,800

Prepaid Rent $7,400

Prepaid Insurance $3,800

Total Current Assets: $60,800

Property, Plant and Equipment

Buildings $61,400

Land $30,000

Accumulated Depreciation (5,800)

Total PP&E: $85,600

Total Assets: $146,400

Liabilities

Current Liabilities

Salaries Payable $6,400

Accounts payable $14,000

Total Current Liabilities: $20,400

Long-Term Liabilities

Notes Payable (due in 9 years) $38,000

Mortgages Payable $20,000

Total Long-Term Liabilities: $58,000

Total Liabilities: $78,400

Stockholders' Equity

Common Stock $14,000

Retained Earnings $54,000

Total Stockholders' Equity: $68,000

Total Liabilities + Stockholders' Equity: $146,400

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