The Following Adjusted Trial Balance Is for Carla Co

Essay

The following adjusted trial balance is for Carla Co.at year-end December 31.The credit balance in Carla West,Capital at the beginning of the year,January 1,was $320,000.The owner,Carla West,invested an additional $100,000 during the current year.The land held for future expansion was also purchased during the current year. Required: Prepare a classified balance sheet as of December 31.(Note: A $21,000 installment on the long-term note payable is due within one year. )