The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017:
Accounts payable $18,995
Income taxes payable $6,025
Accounts receivable 22,850
Interest payable 1,585
Accumulated depreciation - automobiles 22,360
Inventory 43,205
Accumulated depreciation - buildings 41,020
Land 233,000
Automobiles 111,800
Long-term investments 91,855
Bonds payable, due December 31, 2021 156,000
Notes payable, due June 30, 2018 10,000
Buildings 205,100
Office supplies 2,175
Capital stock, $10 par value 147,000
Paid-in capital in excess of par value 47,000
Cash 12,075
Patents 37,000
Prepaid rent 1,355
Retained earnings 306,315
Salaries and wages payable 4,115
Required:
Problem 1. Prepare in good form a classified balance sheet as of December 31, 2017.