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Selected accounts from Bennett Company's adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 1,000 Accounts payable $ 2,500 Accounts receivable

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Selected accounts from Bennett Company's adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 1,000 Accounts payable $ 2,500 Accounts receivable 10,000 Allowance for doubtful accounts 500 Cash 12,000 Notes payable (due in 10 years) 6,000 Common stock 5,000 Notes receivable (due in 4 years) 4,000 Retained earnings 13,000 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet BENNETT COMPANY Balance Sheet December 31 Assets Current assets Total current assets Long-term investments Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Equity Total equity Total liabilities and equity

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