Preparing a Classified Balance Sheet

The following balances are from the post-closing trial balance of Armour Inc.

Cash. $9,600 debit

Acc. rec. 39,000. debit

Allowance for doubtful acc. 4,500. credit

inventory 54,000 debit

prepaid insurance 720 debit

short term investments 16,800 debit

equipment 60,000 debit

accumulated depreciation - equipment 12,000 credit

accumulated depreciation- buildings 4,500 credit

Goodwill 18,180 debit

accounts payable 27,000 credit

salaries payable 3,000 credit

interest payable 900 credit

income tax payable 5,400 credit

notes payable 8%, 5 years 150,000 credit

bonds payable, 7%, 10 years 9,000. credit

common stock 120,000 credit

retained earnings 42,000. credit

totals 378,300 debit. 378,300 credit

Required

a. Prepare a classified balance sheet for Armour Inc. as of December 31, 2020.

• Do not use negative signs with any of your answers.
• List current liabilities in the order of the largest dollar amount to the smallest dollar amount

b. Compute working capital on December 31, 2020. Working capital $_____