Preparing a Classified Balance Sheet

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

Account TitleDebitCreditCash$25,600$Accounts receivable104,000Allowance for doubtful accounts12,000Inventory144,000Prepaid insurance1,920Short-term investments44,800Equipment160,000Building480,000Accumulated depreciationequipment32,000Accumulated depreciationbuilding12,000Goodwill48,480Accounts payable72,000Salaries payable8,000Interest payable2,400Income tax payable14,400Notes payable, 8%, 5-year400,000Bonds payable, 7%, 10-year24,000Common stock320,000Retained earnings112,000Totals$1,008,800$1,008,800

Required

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.