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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
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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