Preparing classified balance sheet


Response to the following problem:

The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)

Mortgage payable $ 1,443

Accumulated depreciation 3,655

Prepaid expenses 880

Accounts payable 1,444

Equipment 11,000

Notes payable after 2015 1,200

Long-term investments 1,100

Flip's capital 13,480

Short-term investments 3,690

Accounts receivable 1,696

Notes payable in 2014 1,000

Inventories 1,756

Cash 2,100

Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.

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Accounting Basics: Preparing classified balance sheet
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