Use the following information to prepare a classified balance sheet for Latimer Co. at the end of Year 1:

Accounts receivable ................................$36,200
Accounts payable .....................................12,400
Cash ...........................................................29,650
Common stock .........................................50,000
Long-term notes payable .......................45,500
Merchandise inventory ...........................38,300
Office equipment .....................................36,400
Retained earnings ....................................36,250
Prepaid insurance ......................................3,600