Assignment: Premium Office Supply Company Balance Sheet
The following is a list of balance sheet accounts (in random order) and balances for the Premium Office Supply Company. They have been updated as of December 31, 2016.
Building $240,000
Land 80,000
Retained Earnings 320,000
Notes Payable (due in 10 yrs) 136,000
Inventory 480,000
Equipment 96,000
Accounts Payable 112,000
Common stock 480,000
Accum Deprec-Bldg 80,000
Accum Deprec-Equip 32,000
Cash 80,000
Unearned revenue 16,000
Accounts receivable 200,000
Required: Prepare a classified balance sheet for Premium Office Supply Company at December 31, 2016.