Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable Prepaid Insurance $3,450 5,650 4,480 Equipment Accumulated Depreciation, Equipment 42,000 $24,000 Accounts Payable 3,100 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 17,250 Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense Totals Required: 2,200 4,950 5,400 $145,280 $145,280 Prepare a classified balance sheet for Sparrow at December 31, 2019. Current assets: Cash Accounts receivable Prepaid insurance Sparrow Company Balance Sheet December 31, 2019 Assets Total current assets Property, plant, and equipment: Equipment Less: Accumulated depreciation Total property, plant, and equipment 3,450 5,650 4,480 13,580 42,000 24,000 13 Property, plant, and equipment: Equipment Less: Accumulated depreciation Total property, plant, and equipment Total assets Current liabilities: Liabilities Accounts payable Salaries payable Unearned service revenue Total current liabilities Stockholders' Equity Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 42,000 24,000 13,580 00 3,100 4,450 3,875 11,425 8,000 2,255 00 13