The following are the trial balance and the other information related to Bruce Concord, who operates a construction hauling business. Credit $3,250 CONCORD TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $ 29,500 Accounts Receivable 45,000 Allowance for Doubtful Accounts Supplies 3,160 Prepaid Insurance 1,500 Equipment 33.000 Accumulated Depreciation-Equipment Notes Payable Owner's Capital Service Revenue Rent Expense 7.150 Salaries and Wages Expense 28,450 Utilities Expenses 1,220 Office Expense 760 5,250 8,400 45,350 87,490 $ 149,740 $ 149,740 1. 2. 3. 4 Fees received in advance from clients $4.900, which were recorded as revenue. Services performed for clients that were not recorded by December 31, $4,800. Equipment is being depreciated at 8% per year. Bad debt expense for the year is $ 1,370. Insurance expired during the year $ 520. Concord gave the bank a 90-day, 5% note for $8.400 on December 1, 2020. Rent of the building is $ 550 per month. The rent for 2020 has been paid, as has that for January 2021. Office salaries and wages earned but unpaid December 31, 2020, $ 1.420. 5. 6. 7. 8. Concord withdrew $ 11,500 cash for personal use during the year. Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity.) CONCORD Balance Sheet December 31, 2020 Assets