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Problem 3-1 Balance sheet preparation [LO3-2, 3-3] Presented below is a list of balance sheet accounts. Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Allowance

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Problem 3-1 Balance sheet preparation [LO3-2, 3-3] Presented below is a list of balance sheet accounts. Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Allowance for uncollectible accounts Bonds payable (due in 10 years) Buildings Cash Common stock Copyright Equipment Interest receivable (due in three months) Inventories Land (in use) Long-term investments Notes payable (due in 6 months) Notes receivable (due in 2 years) Patent Preferred stock Prepaid expenses Rent payable (current) Restricted cash (to be used in 10 years) Retained earnings Short-term investments Taxes payable Wages payable Required: Prepare a classified balance sheet ignoring monetary amounts (Enter the answer in the order of liquidity

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