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

Essay

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