Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the Accounts payable Cash Land Pearson, Capital $ 5,000 40,000 25,000 30,000 Accounts receivable Gomez, Capital Long-term notes payable Litt, Capital $10,000 15,000 20,000 5,000 Prepare a classified balance sheet. PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Cash $ 40,000 10,000 Accounts receivable 50,000 Total current assets Plant assets Land 25,000 $ 75,000 Total assets Liabilities $ 5,000 20,000 Current liabilities Account payable Long-term notes payable Long-term liabilities Pearson, Capital 50,000 $ Current assets Cash Accounts receivable 40,000 10,000 Total current assets 50,000 Plant assets Land 25,000 Total assets $ $ 75,000 $ Liabilities Current liabilities Account payable Long-term notes payable Long-term liabilities Pearson, Capital 5,000 20,000 50,000 Total liabilities 75,000 Equity Total liabilities and equity $ 75,000