The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventory, $36,000; equipment (net), $91,000; accounts payable, $25,000; salaries payable, $10,500; interest payable, $6,500; notes payable (due in 18 months), $41,000; common stock, $72,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $170,000. (Amounts to be deducted should be indicated by a minus sign.)

 

Current assets Total current assets Property, plant, and equipment Net property, plant, and equipment Total assets Current liabilities Total current liabilities. K AND J NURSERY, INC. Balance Sheet At December 31, 2021 Assets Long-term liabilities Total liabilities Shareholders' equity Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity