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Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance

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Oakland Wholesalers
Classified Balance Sheet
As of December 31.
Assets Liabilities and Shareholders' Equity
Current Assets: Current Liabilities:
Cash $28,000 Accounts Payable $50,000
Accounts Receivable $40,000 Salaries Payable $7,000
Inventory $117,000 Total Current Liabilities $57,000
Office Supplies $1,000 Long-term Liabilities:
Total Current Assets $186,000 Mortgage Payable (long-term) $79,000
Fixed Assets: Total Long-term Liabilities $79,000
Land $39,000 Shareholders' Equity:
Buildings $67,000 Common Stock $120,000
Total Fixed Assets $106,000 Retained Earnings ($292,000 - $57,000 - $79,000 - $120,000) $36,000
Total Shareholders' Equity $156,000
Total Assets $292,000 Total Liabilities and Shareholders' Equity $292,000
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