Exercise 4-14

The adjusted trial balance for McCoy Bowling Alley at December 31, 2017, contains the following accounts.

Debits				Credits
Buildings		$127,800		Owners Capital		$115,100
Accounts Receivable		14,200		Accumulated DepreciationBuildings		43,500
Prepaid Insurance		4,500		Accounts Payable		12,000
Cash		19,000		Notes Payable		97,100
Equipment		62,800		Accumulated DepreciationEquipment		18,100
Land		68,100		Interest Payable		3,000
Insurance Expense		900		Service Revenue		17,700
Depreciation Expense		7,000
Interest Expense		2,200
		$306,500				$306,500

(a) Prepare a classified balance sheet; assume that $18,400 of the note payable will be paid in 2018. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)