(Prepare a balance sheet, LO 1, 4,5) You have received the following alphabetical list of balance sheet accounts for Picton Corporation (Picton). Organize the accounts into Picton’s balance sheet.

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Accounts receivable Advances paid by customers 35,000 Insurance paid for in advance 10,000 Inventory 85,000 for goods to be provided in Land 125,000 the future 20,000 Loans made to the corporation Amounts owed to suppliers 75,000 by shareholders 50,000 Bank loan 100,000 Long-term debt 30,000 Capital stock 150,000 Retained earnings 80,000 Cash 12,000 Wages payable to employees 12,000 Furniture and fixtures 250,000