Exercise 9-14B Preparing a classified balance sheet Required Use the following information to prepare a classified balance sheet for Latimer Co. at the end of Year I: Latimer Co. Classified Balance Sheet As of December 31, Year 1 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment Office Equipment Total Property, Plant, and Equipment Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Long-Term Liabilities Long-Term Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity