Question
The following items are taken from the financial statements of Sheridan Company at December 31, 2022. Land $196,500 Accounts receivable 22,600 Supplies 10,700 Cash 12,050
The following items are taken from the financial statements of Sheridan Company at December 31, 2022.
Land $196,500
Accounts receivable 22,600
Supplies 10,700
Cash 12,050
Equipment 84,000
Buildings 263,000
Land improvements 46,250
Notes receivable (due in 2023) 5,400
Accumulated depreciationland improvements 13,100
Common stock 76,000
Retained earnings (December 31, 2022) 491,000
Accumulated depreciationbuildings 33,300
Accounts payable 9,900
Mortgage payable 103,950
Accumulated depreciationequipment 18,950
Interest payable 4,000
Income taxes payable 14,700
Patents 46,700
Investments in stock (long-term) 72,400
Debt investments (short-term) 5,300
Prepare a classified balance sheet. Assume that $10,000 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.)
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