Preparing a Classified Balance Sheet The following balances are from the post-closing trial balance of Armour Inc. Account Title Debit Credit Cash $16,000 $ Accounts receivable 65,000 Allowance for doubtful accounts 7,500 Inventory 90,000 Prepaid insurance 1,200 Short-term investments 28,000 Equipment 100,000 Building 300,000 Accumulated depreciation-equipment 20,000 Accumulated depreciation-building 7,500 Goodwill 30,300 Accounts payable 45,000 Salaries payable 5,000 Interest payable 1,500 Income tax payable 9,000 Notes payable, 8%, 5-year 250,000 Bonds payable, 7%, 10-year 15,000 Common stock 200,000 Retained earnings 70,000 Totals $630,500 $630,500 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. Balance Sheet As of December 31, 2020 Assets Current assets Cash Accounts receivable " +A LA $ Cash Accounts receivable Accounts receivable, net Short-term investments Inventory Property, plant, and equipment Equipment Intangible assets $ $ = Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Notes payable, 8%, 5-year Stockholders' equity Common stock " " $ +A $ b. Compute working capital on December 31, 2020. Working capital $ Prop Accounts payable Bonds payable, 7%, 10-year Building Goodwill Income tax payable Interest payable Inta Less: Accumulated depreciation Less: Allowance for doubtful accounts Net income Net property, plant, and equipment Liab Prepaid insurance Curr Retained earnings Salaries payable Total assets Total current assets Total current liabilities Total liabilities and stockholders' equity Total long-term liabilities Long Total stockholders' equity Notes payable, 8%, 5-year $ $