Case 2: Sherwin-Williams Company Sherwin-Williams, based in Cleveland, Ohio, manufactures a wide variety of paint and other coatings, which are marketed through its specialty stores and in other retail outlets. The company also manufactures paint for automobiles. The Automotive Division has had financial difficulty. During a recent year, five branch locations of the Automotive Division were closed, and new management was put in place for the branches remaining. The following titles were shown on Sherwin-Williams's balance sheet for that year. Accounts payable Buildings Accounts receivable, less allowance Accrued taxes Cash and cash equivalents Common stock Employee compensation payable Other current assets Finished goods inventories Other long-term liabilities Intangibles and other assets Land Postretirement obligations other than pensions Retained earnings Long-term debt Short-term investments Machinery and equipment Taxes payable Other accruals Work in process and raw materials inventories Other capital Instructions a. Organize the accounts in the general order in which they would have been presented in a classified balance sheet. b. When several of the branch locations of the Automotive Division were closed, what balance sheet accounts were most likely affected? Did the balance in those accounts decrease or increase? Case 2: Sherwin-Williams Company Sherwin-Williams, based in Cleveland, Ohio, manufactures a wide variety of paint and other coatings, which are marketed through its specialty stores and in other retail outlets. The company also manufactures paint for automobiles. The Automotive Division has had financial difficulty. During a recent year, five branch locations of the Automotive Division were closed, and new management was put in place for the branches remaining. The following titles were shown on Sherwin-Williams's balance sheet for that year. Accounts payable Buildings Accounts receivable, less allowance Accrued taxes Cash and cash equivalents Common stock Employee compensation payable Other current assets Finished goods inventories Other long-term liabilities Intangibles and other assets Land Postretirement obligations other than pensions Retained earnings Long-term debt Short-term investments Machinery and equipment Taxes payable Other accruals Work in process and raw materials inventories Other capital Instructions a. Organize the accounts in the general order in which they would have been presented in a classified balance sheet. b. When several of the branch locations of the Automotive Division were closed, what balance sheet accounts were most likely affected? Did the balance in those accounts decrease or increase