prepare a classified balance sheet

Exercise 4-16 Preparing a classified balance sheet for a merchandiser LO P4 Adams Co. reports the following balance sheet accounts as of December 31. Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock $ 6,400 Retained earnings 61,400 Notes payable (due in 9 years) 7,400 Office supplies 14,800 Land 14,000 Accumulated depreciation-Building 3,800 Mortgages payable (due in 5 years) 8,000 Cash 14,000 $ 54,000 38,000 2,800 30,000 5,800 20,000 24,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) ADAMS CO. Balance Sheet December 31 Assets