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Consider the Following Account Balances of Evan McGruder,Inc Required:
Prepare a Classified Balance Sheet at December 31,Year 3

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Essay

Consider the following account balances of Evan McGruder,Inc. ,as of December 31,Year 3:
 Accounts Payable $298,500 Retained Earnings 136,750 Equipment 1,054,00C Notes Payable, due Year 5 858,00C Common Stock 500,00C Accounts Receivable 506,250 Income Tax Payable 9,75C Cash 242,750\begin{array}{lrlll}\text { Accounts Payable } & \$ 298,500 & \text { Retained Earnings } & 136,750 \\\text { Equipment } & 1,054,00 \mathrm{C} & \text { Notes Payable, due Year 5 } & 858,00 \mathrm{C} \\\text { Common Stock } & 500,00 \mathrm{C} & \text { Accounts Receivable } & 506,250 \\\text { Income Tax Payable } & 9,75 \mathrm{C} & \text { Cash } & 242,750\end{array} Required:
Prepare a classified balance sheet at December 31,Year 3.

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