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 $ 7,400 D. Adams, Capital Buildings 77,400 Notes payable (due in 9 years) Prepaid rent 8,400 Office supplies Merchandise inventory 16,800 Land Accounts payable 24,000 Accumulated depreciation-Building Prepaid insurance 5,800 Mortgages payable (due in 5 years) Accounts receivable 18,000 Cash $ 88,000 58,000 4,800 50,000 7,800 40,000 44,000 Required: Prepare a classified balance sheet. ADAMS COMPANY Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total plant assets Total assets Liabilities Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Equity Total equity Total plant assets Total assets Liabilities Current liabilities tes Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Equity Total equity Total liabilities and equity