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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 Required: Prepare a classified balance sheet. $ 6,900 Retained earnings 69,400 Notes payable (due in 9 years) 7,900 Office supplies 15,800 Land 19,000 Accumulated depreciation-Building 4,800 Mortgages payable (due in 5 years) 13,000 Cash 28,000 ADAMS COMPANY Balance Sheet December 31 Assets $ 50,000 48,000. 3,800 40,000 6,800 30,000 34,000 Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities $ 0 0 $ 0 Liabilities

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