Using the adjusted trial balance in Problem4-4A, prepare the income statement and statement of changes in equity for the year ended December 31, 2023, and the classified balance sheet at December 31, 2023.

Data From Problem 4-4A

The adjusted trial balance for Lloyd Construction as of December 31, 2023, follows:

An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2024. The notes receivable are due May 1, 2025. Also, Amar Lloyd invested $68,000 cash early in 2023.

Analysis Component:

Why must liabilities be separated on the balance sheet between current and non-current? What effect would it have had on Lloyd’s balance sheet if the long-term note were not separated?

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No. 101 Cash 104 Current investments Account 126 Supplies 149 Notes receivable 167 Equipment 168 Accumulated depreciation, equipment 173 Building 174 Accumulated depreciation, building 183 Land 193 Franchise 201 Accounts payable 203 interest payable 233 Unearned professional revenue 251 Long-term notes payable 301 Amar Lloyd, capital 302 Amar Lloyd, withdrawals 401 Professional revenue 406 Rent revenue 606 Depreciation expense, building 612 Depreciation expense, equipment 623 Wages expense 633 Interest expense 637 Insurance expense 652 Supplies expense 688 Telephone expense 690 Utilities expense Totals Debit Credit $ 15,300 20,300 6,900 38,500 71,000 253,000 82,500 27,500 2,300 $ 34,500 137,500 16,300 120 26,300 125,000 85,640 199,480 22,500 19,300 7,300 63,300 540 17,300 12,100 3,700 6,500 $647,340 $647,340