prepare a classified balance sheet as of December 31, year 1

Required information [The following information applies to the questions displayed below.) The December 31. Year 1, adjusted trial balance for a company is presented below. Credit $ Debit 11,800 148,000 5,800 29,000 380,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $ 133,000 11,800 10,800 4,800 38,000 280,000 58,000 480,000 380,000 19,000 38,000 4,800 $1,016,400 $1,016,400 3. Prepare a classified balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet December 31, Year 1 Assets Liabilities Current assets $ $ Cash Accounts Receivable Prepaid Rent Supplies Current liabilities 11,800 Accounts Payable 148,000 Salaries Payable 5,800 Interest Payable 29,000 11,800 10,800 4.800 Total current assets 194,600 Total current liabilities Notes Payable 27,400 38 000 Total liabilities 65.400 Stockholders' Equity Longform assets Equipment Accumulated Doprociation 280,000 380,000 (133,000) Common Stock Retained Earnings 58,000 Total long term assots Total assets 247,000 Total stockholders' equity 441,600 Total liabilities and stockhokters' equity 338.000 403 400 $ $