1. A company’s balance sheet as of December 31, 2023, shows the following balances:

• Cash: $50,000
• Accounts Receivable: $70,000
• Inventory: $30,000
• Accounts Payable: $40,000
• Long-term Debt: $100,000
• Common Stock: $20,000
• Retained Earnings: $90,000

1. Prepare a classified balance sheet as of December 31, 2023. Make sure to include the major classifications of assets and liabilities.