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Clear Water Company reports the following balance sheet accounts as of December 31. Buildings Accounts receivable $ 25,000 2,000 Land 15,000 Merchandise inventory 7,000 Accounts
Clear Water Company reports the following balance sheet accounts as of December 31. Buildings Accounts receivable $ 25,000 2,000 Land 15,000 Merchandise inventory 7,000 Accounts payable 5,000 Cash 8,000 Notes payable (due in 7 years) 30,000 Office supplies 1,000 Common stock 10,000 Retained earnings. 6,000 Wages payable 3,000 Accumulated Depreciation-Buildings Prepare a classified balance sheet. 4,000 Current assets Cash Accounts receivable Merchandise inventory Office supplies Clear Water Company Balance Sheet December 31 Assets Total current assets Plant assets Total plant assets Total assets Liabilities Current liabilities Total current liabilities Long-term liabilities Total liabilities Equity Total liabilities and equity $ 0 0 $ 0 0 $ 0
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