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Prepare a classified balance sheet

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Reference no: EM133102310

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

Buildings

$112,148

Accounts receivable

13,356

Prepaid insurance

3,392

Cash

12,550

Equipment

87,344

Land

64,872

Insurance expense

827

Depreciation expense

5,618

Interest expense

2,756

Common stock

63,600

Retained earnings (January 1, 2022)

42,400

Accumulated depreciation-buildings

48,336

Accounts payable

10,070

Notes payable

99,216

Accumulated depreciation-equipment

19,843

Interest payable

3,816

Service revenue

15,582

Required - Prepare a classified balance sheet. Assume that $14,416 of the note payable will be paid in 2023.

Reference no: EM133102310

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