The financial statement columns of the worksheet for Miracle Max at December 31, 2019, are as follows:

Worksheet

For the Year Ended December 31, 2019

Income StatementBalance Sheet

AccountsDebitCreditDebitCredit

Cash15,000

Accounts Receivable7,000

Supplies4,000

Prepaid Insurance6,000

Equipment209,000

Accumulated DepreciationEquipment29,000

Accounts Payable19,000

Notes Payable70,000

Salaries Payable3,000

Owner's Capital112,000

Owner's Drawings14,000

Service Revenue123,000

Advertising Expense21,000

Depreciation Expense12,000

Insurance Expense3,000

Rent Expense17,000

Salaries and Wages Expense42,000

Supplies Expense6,000

Totals101,000123,000255,000233,000

Net Income22,000 22,000

123,000123,000255,000255,000

Required :

1-Calculate the balance of Owner's Capital that would appear on a balance sheet at December 31, 2019.

2- Prepare classified balance sheet for Miracle Max at December 31, 2019 assuming the note payable is a long-term liability.