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Prepare a classified balance sheet

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Reference no: EM133076807

Question - These items are taken from the financial statements of Pharoah Company at December 31, 2022.

Buildings $95,220

Accounts receivable 11,340

Prepaid insurance 2,880

Cash 10,656

Equipment 74,160

Land 55,080

Insurance expense 702

Depreciation expense 4,770

Interest expense 2,340

Common stock 54,000

Retained earnings (January 1, 2022) 36,000

Accumulated depreciation-buildings 41,040

Accounts payable 8,550

Notes payable 84,240

Accumulated depreciation-equipment 16,848

Interest payable 3,240

Service revenue 13,230

Required - Prepare a classified balance sheet. Assume that $12,240 of the note payable will be paid in 2023.

Reference no: EM133076807

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