The following information is available for Juxton Company for the year ended December 31, 2017: Accounts payable......... $2,700 Building not currently used. 9,500 Accumulated depreciation equipment. 4,000 K. Juxton, capital... 20,800 Intangible assets 2,500 Notes payable (due in 5 years) 7,500 Accounts receivable 1,500 Cash 2,600 Short-term investments 1,000 Land 10,000 Equipment. 7,500 Long-term investments. 400 Instructions Use the above information to prepare a classified balance sheet for the year ended December 31, 2017 Solution: Using a perpetual inventory system, state the missing items identified by?. 1. Net sales - Cost of goods sold =? 2. Gross profit - Operating expenses =? 3. Sales -? = Net sales 4. Profit from operations +?-? = Profit 5. Cost of goods sold + Gross profit on sales =? Solution