Preparing a classified balance sheet
Required
Use the following information to prepare a classified balance sheet for Steller Co. at the end of 2012.
Accounts receivable | $42,500 |
Accounts payable | 8,000 |
Cash | 15,260 |
Common stock | 42,000 |
Long-term notes payable | 23,000 |
Merchandise inventory | 29,000 |
Office equipment | 28,500 |
Retained earnings | 45,460 |
Prepaid insurance | 3,200 |
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