Preparing a Classified Balance Sheet

Glacier Inc. had the following normal account balances on December $31.$

Account Dec $31$

Cash $$1,200$

Accounts receivable $36,000$

Inventory $1,500$

Franchise $21,000$

Prepaid insurance $720$

Common stock $($no$-$par, $10,000$ shares issued and outstanding$)30,000$

Accounts payable $37,200$

Notes payable $($long$-$term$)42,000$

Income taxes payable $1,320$

Retained earnings, adjusted $27,480$

Interest payable $420$

Equipment, net $78,000$

a$.$ Prepare a classified balance on December $31.$

Balance Sheet

As of December $31$

Assets

Current assets

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Liabilities and Stockholders' Equity

Current liabilities

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b$.$ Compute working capital on December $31.$

Working capital $Answer

$0$