Extra Credit Project - Balance Sheet Classification & Presentation Hawes Home Improvement Center has just completed its first year of operation. It has the following accounts in the general ledger. The bookkeeper is not sure which accounts should be reported on the balance sheet and how those accounts should be classified. Accounts payable Accounts receivable Accumulated depreciation - equipment Accumulated depreciation - building Accumulated depreciation - vehicle Administrative expenses Allowance for uncollectible accounts Building Cash and equivalents Common stock Cost of goods sold Delivery vehicle Discount on note payable Dividends payable Equipment Income tax expense Interest payable Investment in equities Merchandise inventory Note payable, noninterest-bearing, due in 5 years Note payable, due in 120 days Paid-in-capital in excess of par value Prepaid insurance Retained earnings Sales Sales discounts Sales returns and allowances Selling expenses Supplies Investment in Treasury Bills (short-term) Trademark 1. Which accounts will not appear on the balance sheet? 2. Determine the accounts that will appear in the current asset section of the balance sheet and the order in which they should be listed. 3. Determine the accounts that will appear in the long-term assets section of the balance sheet and the order in which they should be listed. 4. Determine the accounts that will appear in the current liability section of the balance sheet and the order in which they should be listed. 5. Determine the accounts that will appear in the long-term liability section of the balance sheet and the order in which they will be listed. 6. Determine the accounts that will appear in the stockholders' equity section of the balance sheet and the order in which they should be listed. On the next page, prepare a properly presented balance sheet for Hawes Home Improvement Center. And no, you don't have numbers. That will not stop you from preparing a Balance Sheet format. Hawes Home Improvement Center Statement of Financial Position As of Unknown Date