Question

The following list of accounts is taken from the records of the Norman Company Ltd. at...

The following list of accounts is taken from the records of the Norman Company Ltd. at December 31, 2019:
Account    Balance
Accounts Payable    $125
Accounts Receivable    138
Bank Loan (½ Due In 2020)    110
Building    400
Cash    250
Equipment    140
Land    115
Mortgage Payable (due 2021)    280
Notes Receivable, due within 90 Days 18
Prepaid Insurance   12
Retained Earnings 214
Salaries Payable 14
Common Stock 400
Unused Supplies 70
Required: Prepare a classified balance sheet. Assume all accounts have normal debit and credit balances.
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