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Prepare a classified balance sheet. Assume that $13,328 of the note payable will be paid in 2023. (List Current Assets in order of liquidity and Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Exercise 2-05 These items are taken from the financial statements of Sandhill Co. at December 31, 2022. Buildings Accounts re

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Answer #1
Sandhill Co.
Balance Sheet
As of December 31,2022
Assets Liabilities and stockholders' equity
Current Assets: Current liabilities:
Cash $11,603 Accounts payable $9,310
Accounts receivable $12,348 Interest payable $3,528
Prepaid insurance $3,136 Notes payable $13,328
Total current assets $27,087 Total current liabilities $26,166
Long-term debt:
Property,plant,and equipment: Notes payable $78,400
Land $59,976 Total liabilities $104,566
Buildings $103,684
Accumulated depreciation-Buildings ($44,688) Stockholders' Equity:
Equipment $80,752 Common stock $58,800
Accumulated depreciation-equipment ($18,346) Retained earnings* $45,099
   Total property,plant,and equipment $181,378 Total stockholders' equity $103,899
Total Assets $208,465 Total liabilities and stockholders' equity $208,465

*Calculations:

Income Statement
Service revenue $14,406
Expenses:
Insurance expense $764
Depreciation expense $5,194
Interest expense $2,548
Total Expenses $8,506
Net income $5,900

Retained earnings, Dec 31 2022 = Retained earnings, Jan 1, 2022 + Net income

= $39,199 + $5,900

= $45,099

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