The following is an alphabetical list of accounts of CHFI Services Inc. as at January 31, 2016. The balances are prior to the closing journal entries. All accounts have normal balances.
Accrued Liabilities ............................................................................................... $ 50,400
Accounts Payable ................................................................................................. 90,000
Accounts Receivable, net .................................................................................... 318,000
Cash ........................................................................................................................ 494,000
Common Shares, 500,000 shares authorized; 200,000 shares issued ................... 2,500,000
Interest Expense ................................................................................................... 29,000
Inventory ............................................................................................................... 420,000
Long-term Note Payable ..................................................................................... 600,000
Organization Costs .............................................................................................. 18,000
Prepaid Expenses ................................................................................................. 3,600
Preferred Shares, $2.50, cumulative, 24,000 authorized and issued .................. 240,000
Property, Plant, and Equipment, net ................................................................. 3,360,000
Retained Earnings ................................................................................................ 623,600
Trademark, net ...................................................................................................... 20,400
Additional information:
Net income for 2016 was $530,000.
No new shares were issued in 2016.
Required
Prepare a classified balance sheet as at January 31, 2016.