Prepare classified balance sheet

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Question - The adjusted trial balance for Concord at December 31, 2019, contains the following accounts.

Debit Credit

Buildings $128,500

Common Stock $91,750

Accounts Receivable 14,600

Retained Earnings 26,050

Prepaid Insurance 5,000

Accumulated Depreciation-Buildings 42,700

Cash 20,000

Accounts Payable 11,500

Equipment 61,200

Notes Payable 96,100

Land 66,700

Accumulated Depreciation-Equipment 18,400

Insurance Expense 700

Interest Payable 2,700

Depreciation Expense 7,000

Service Revenue 17,200

Interest Expense 2,700

$306,400 $280,350

Required - Prepare classified balance sheet; assume that $22,000 of the note payable will be paid in 2020.

Reference no: EM132637454

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