Prepare a classified balance sheet

Reference no: EM13944735

The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts.

Debits		Credits
Buildings	$128,000	Common Stock	$80,000
Accounts Receivable	7,540	Retained Earnings	28,000
Prepaid Insurance	4,680	Accumulated Depreciation-Buildings	42,600
Cash	18,040	Accounts Payable	12,300
Equipment	62,400	Notes Payable	95,000
Land	67,000	Accumulated Depreciation-Equipment	18,720
Insurance Expense	780	Interest Payable	2,600
Depreciation Expense	7,360	Service Revenue	19,180
Interest Expense	2,600
	$298,400		$298,400

Prepare a classified balance sheet; assume that $15,000 of the note payable will be paid in 2015.

Reference no: EM13944735

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