Use the following information to prepare a classified balance sheet for Blackmon Co. at the end of

Question:

Use the following information to prepare a classified for Blackmon Co. at the end of 2013:
Accounts receivable ......... $36,200
Accounts payable .......... 12,400
Cash ............... 29,650
Common stock ........... 50,000
Long-term notes payable ........ 45,500
Merchandise inventory ........ 38,300
Office equipment .......... 36,400
Retained earnings .......... 36,250
Prepaid insurance .......... 3,600

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...