Q A
ZConsider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3:
Accounts Payable
$ 115,720 Retained Earnings
$ 55,500
Equipment
422,400
Notes Payable, due Year 5
344,000
Common Stock
204,000 Accounts Receivable
203,300
Income Tax Payable
3,980
Cash
97,500
Required:
Prepare a classified balance sheet at December 31 Year 3.