The adjusted trial balance for Martell Bowling Alley at December 31, 2019, contains the following accounts.

Instructions
(a) Prepare a classified balance sheet; assume that $22,000 of the note payable will be paid in 2020.
(b) Comment on the liquidity of the company.

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Debit Credit Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $128,800 Common Stock $ 90,000 25,000 42,600 12,300 97,780 67,000 Accumulated Depreciation-Equipmen 18,720 2,600 17,180 $306,180 14,520 Retained Earnings 4,680 Accumulated Depreciation-Buildings 18,040 Accounts Payable 62,400 Notes Payable 780 Interest Payable 7,360 Service Revenue 2,600 $306,180