Problem 4-7A Financial statements LO6 CHECK FIGURES: Profit $91,940; Total assets = $343,000 Using the adjusted trial balance in Problem 4-6A, prepare the income statement and statement of changes in equity for the year ended December 31, 2020, and the classified balance sheet at December 31, 2020. Analysis Component: Why must liabilities be separated on the balance sheet between current and non- current? What effect would it have had on Lloyd's balance sheet if the long-term note were not separated?