Solution-Prepare a classified statement of financial

The following information is available for Karr Bowling Alley at December 31, 2012.

Buildings	$128,800	Share Capital-Ordinary	$100,000
Accounts Receivable	14,520	Retained Earnings	15,000
Prepaid Insurance	4,680	Accumulated Depreciation-Buildings	42,600
Cash	18,040	Accounts Payable	12,300
Equipment	62,400	Notes Payable	97,780
Land	64,000	Accumulated Depreciation-Equipment	18,720
Insurance Expense	780	Interest Payable	2,600
Depreciation Expense	7,360	Bowling Revenues	14,180
Interest Expense	2,600

Prepare a classified statement of financial position; assume that $13,900 of the notes payable will be paid in 2013.

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