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Adams Company reports the following balance sheet accounts as of December 31. Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts

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Adams Company reports the following balance sheet accounts as of December 31. Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock $ 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 Office supplies 14,000 Land $ 50,000 30,000 2,000 22,000 10,000 Accumulated depreciation-Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 5,000 12,000 16,000 Required: Prepare a classified balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities ADAMS COMPANY Balance Sheet December 31 Assets Liabilities Total long-term liabilities Total liabilities Equity Total equity Total liabilities and equity

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