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Drill Problem 16-2(Algo)[LU 16-1(1)] From the following, prepare a classified...

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Accounting

Drill Problem 16-2(Algo)[LU 16-1(1)]
From the following, prepare a classified balance sheet for Bach Crawlers as of December 31,2023. Ending merchandise inventory was $4,700 for the year.
\table[[Cash,$6,700,Accounts payable,$2,150],[Prepaid rent,1,950,Salaries payable,1,950],[Prepaid insurance,4,700,Note payable (long term),8,700],[Office equipment (net),5,700,P. Bach, capital*,10,950]]
*What the owner supplies to the business. Replaces common stock and retained earnings section.
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