E1310 The following is an alphabetical list of accounts of Outlet Services Inc. as at January 31, 2019. The balances are prior to the closing journal entries. All accounts have normal balances.

Additional information:

• Net income for 2019 was $530,000.

• No new shares were issued in 2019.

Required

Prepare a classified balance sheet as at January 31, 2019.

hint 3 Balance sheet presentation

Total assets, $4,634,000

Accrued Liabilities $50,400 Accounts Payable 90,000 Accounts Receivable, net 318,000 Cash 494,000 Common Shares, 500,000 shares authorized; 200,000 shares issued 2,500,000 Interest Expense 29,000 Inventory 420.000 Long-term Note Payable 800,000 Organization Costs 18,000 Prepaid Expenses 3,600 Preferred Shares, S2.50, cumulative, 24,000 authorized and issued 240,000 Property, plant, and Equipment, net 3,360,000 Retained Earnings 623,000 Trademark, net 20,400