QS 5-13 Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Co. reports the following balance sheet accounts as of December 31 Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies 0. Water, Capital Wages payable $55,000 3,200 23,000 9,400 6, 200 10,400 54,000 3,400 40,000 4,200 Required: Prepare a classified balance sheet. Clear Water Co. Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total plant assets Total assets Liabilities Current liabilities Total current liabilities Long-term liabilities Total liabilities Equity