Wildhorse Management Services began business on January 1, 2020, with a capital investment of $133,600. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows.

Wildhorse Management Services Worksheet For the Year Ended December 31, 2020
		Trial Balance				Adjusted Trial Balance
		Dr.		Cr.		Dr.		Cr.
Cash		13,600				13,600
Accounts Receivable		28,200				28,200
Prepaid Insurance		3,792				2,528
Land		66,200				66,200
Buildings		126,600				126,600
Equipment		59,200				59,200
Accounts Payable				12,200				12,200
Unearned Rent Revenue				5,900				1,100
Mortgage Payable				133,600				133,600
Owners Capital				129,092				129,092
Owners Drawings		22,400				22,400
Service Revenue				90,500				90,500
Rent Revenue				29,500				34,300
Salaries and Wages Expense		41,700				41,700
Advertising Expense		20,000				20,000
Utilities Expense		19,100				19,100
Totals		400,792		400,792
Insurance Expense						1,264
Depreciation Expense						6,800
Accumulated DepreciationBuildings								3,100
Accumulated DepreciationEquipment								3,700
Interest Expense						12,000
Interest Payable								12,000
Totals						419,592		419,592

Prepare a classified balance sheet. (Note: $37,300 of the mortgage note payable is due for payment next year.) (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) WILDHORSE MANAGEMENT SERVICES Balance Sheet December 31, 2020 Assets $ $ Prepare a classified balance sheet. (Note: $37,300 of the mortgage note payable is due for payment next year.) (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Buildings and Equipment.) WILDHORSE MANAGEMENT SERVICES Balance Sheet December 31, 2020 V Assets $ $ $ $ Liabilities and Owner's Equity $ $ Liabilities and Owner's Equity > $ A > >