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Prepare a classified balance sheet for premium office supply

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Reference no: EM131570076

Assignment: Premium Office Supply Company Balance Sheet

The following is a list of balance sheet accounts (in random order) and balances for the Premium Office Supply Company. They have been updated as of December 31, 2016.

Building                                 $240,000
Land                                      80,000
Retained Earnings                   320,000
Notes Payable (due in 10 yrs)   136,000
Inventory                               480,000
Equipment                              96,000
Accounts Payable                     112,000
Common stock                        480,000
Accum Deprec-Bldg                  80,000
Accum Deprec-Equip                32,000
Cash                                      80,000
Unearned revenue                   16,000
Accounts receivable                 200,000

Required: Prepare a classified balance sheet for Premium Office Supply Company at December 31, 2016.

Reference no: EM131570076

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