The Following Adjusted Trial Balance Is for Carla Co Required: Prepare a Classified Balance Sheet as of December 31

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.

$\begin{array}{l|l|l}\hline\text { Sal aries payable } & & 10,500 \\\hline \text { Interest payable } & & 7,900 \\\hline \text { Long-term note payable } && 252,000 \\\hline \text { C. West, Capital } && 420,000\\\hline\text { C. West, Withdrawals } & 60,000 & \\ \hline \text { Service fees earned } & & 470,800 \\\hline \text { Sal aries expense } & 195,000 &\\\hline \text { Insurance expense } & 18,000 \\\hline \text { Rent expense } & 36,000 \\\hline \text { Depreciation expense-Equipment } & 12,000 \\\hline \text { Depreciation expense-Building } & 15,000 \\\hline \text { Totals } & \$ 1,436,000 & \$ 1,436,000 \\\hline \end{array}$
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.)