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	$	55,000
Accounts receivable		3,200
Land		23,000
Merchandise inventory		9,400
Accounts payable		6,200
Cash		10,400
Notes payable (due in 7 years)		54,000
Office supplies		3,400
O.Water, Capital		40,000
Wages payable		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 Total liabilities and equity