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Presented below is a list of balance sheet accounts.
Accounts payable...................................................Cash
Accounts receivable..............................................Common stock
Accumulated depreciation—buildings...........Copyright (net)
Accumulated depreciation—equipment........Equipment
Allowance for uncollectible accounts..............Interest receivable (due in three months)
Restricted cash (to be used in 10 years).........Inventory
Bonds payable (due in 10 years).......................Land (in use)
Buildings.....................................................................Long-term investments
Notes payable (due in 6 months).....................Interest payable (current)
Notes receivable (due in 2 years).....................Retained earnings
Patent (net)................................................................Short-term investments
Additional paid-in capital.....................................Income taxes payable
Prepaid expenses.....................................................Salaries payable
Required:
Prepare a classified balance sheet
ignoring monetary amounts. Include headings for each classification, as well as titles for each classification’s subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapte
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