Prepare a classified balance sheet using the balances

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Question - Hespeler Services' financial accounting information for the year ending October 31, 2019 is presented below. Assume all accounts have a normal balance.

Cash $8,970

Equipment $36,180

Accounts Payable $4,820

Accounts Receivable $3,710

Accumulated Depreciation $570

Unearned Revenue $1,400

Merchandise Inventory $7,020

Prepaid Insurance $2,530

Bank Loan $24,000

Presto, Capital $27,620

The bank loan is payable over 4 years and $6,000 will be paid by October 31, 2020.

Required - Prepare a classified balance sheet using the balances listed above.

Reference no: EM133099869

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