Exercise 5-19 (Algo) Preparing a classified balance sheet for a merchandiser LO P4 Adams Company reports the following balance sheet accounts as of December 31. Salaries payable $ 6,100 D. Adams, Capital Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Total equity Total liabilities and equity $ 62,000 56,600 Notes payable (due in 9 years) 7,100 Office supplies 32,000 2,200 14,200 Land 24,000 11,000 Accumulated depreciation-Building 3,200 Mortgages payable (due in 5 years) 5,000 Cash 5,200 14,000 18,000 ADAMS COMPANY Balance Sheet December 31 Assets $ 0 0 0 0 Liabilities Equity $ 0 0 0 0 $ 0