A company's post-closing trial balance as of December 31, 2021 is shown below: AccountsDebit CreditCash$22,600 Accounts receivable 23,100 Prepaid insurance 4,700 Supplies 210,000 Long-Term Investments 54,000 Land 47,000 Buildings 280,000 Accumulated depreciation 88,000 Accounts payable 37,400 Notes payable, due 2022 61,000 Interest payable 10,000 Notes payable, due 2031 126,000 Common stock 210,000 Retained earnings 109,000 Totals$641,400 $641,400 Prepare a classified balance sheet at December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)

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Description: A company's post-closing trial balance as of December 31, 2021 is shown below: AccountsDebit CreditCash$22,600 Accounts receivable 23,100 Prepaid insurance 4,700 Supplies 210,000 Long-Term Investments 54,000 Land 47,000

Balance sheet refers to those financial statements of a company which showcases the detailed…

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Chapter3: Accrual Accounting

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A company's post-closing trial balance as of December 31, 2021 is shown below:

Accounts	Debit		Credit
Cash	$	22,600
Accounts receivable		23,100
Prepaid insurance		4,700
Supplies		210,000
Long-Term Investments		54,000
Land		47,000
Buildings		280,000
Accumulated depreciation					88,000
Accounts payable					37,400
Notes payable, due 2022					61,000
Interest payable					10,000
Notes payable, due 2031					126,000
Common stock					210,000
Retained earnings					109,000
Totals	$	641,400		$	641,400

Prepare a classified balance sheet at December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)

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