BALANCE SHEET STRUCTURE The following accounts exist in the ledger of Higgins Company: Accounts payable, Accounts receivable, Accumulated depreciation on building, Accumulated depreciation on equipment, Bonds payable, Building, Common stock, Cash, Equipment, Taxes payable, Inventory, Notes payable, Prepaid insurance, Retained earnings, Trademarks, Wages payable.

Required:

Organize the above items into a properly prepared classified balance sheet.

Exercise