The Following Is a List of Balance Sheet Accounts (In

question 196

Essay

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, Year 1.
$\begin{array}{lr}\text { Building } & \$240,000 \\\text { Land } & 80,000 \\\text { Retained earnings } & 320,000 \\\text { Notes payable (due in 10 years) } & 136,000\\\text { Inventory } & 480,000 \\\text { Equipment } & 96,000 \\\text { Accounts payable } & 112,000 \\\text { Common stock } & 480,000 \\\text { Accumulated Depreciation - Building } & 80,000 \\\text { Accumulated Depreciation - Equipment } & 32,000\\\text { Cash}&80,000\\\text { Unearned revenue}&16,000\\\text { Accomts receivable }&200,000\end{array}$ Required:
Prepare a classified balance sheet for Premium Office Supply Company at December 31, Year 1.

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Definitions:

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