Prepare a classified balance sheet at December 31. (List current assets in order of liquidity.) SHERIDAN DISTRIBUTING COMPANY Balance Sheet Assets $ Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity NI Click if you would like to Show Work for this question: Open Show Work Adjustment data: 1. 2. Accrued salaries payable $700. Depreciation $200 per month. Supplies on hand $1,500. Income tax due and unpaid at December 31 is $100. 3. 4. On December 1, 2022, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,900 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 5,300 Accounts Payable 5,200 Inventory 12,700 Salaries and Wages Payable 1,000 Supplies 1,200 Common Stock 15,000 Equipment 22,000 Retained Earnings 25,700 $49,100 $49,100 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $7,000. The cost of the merchandise sold was $5,100. 13 Purchased merchandise on account from Hecht Co. $9,400, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $14,100, terms 3/10, n/30. The cost of the merchandise sold was $9,300. 20 Paid salaries $2,700. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18