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QS 5-21 (Algo) Preparing a classified balance sheet for a merchandiser LO P4 Clear Water...

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QS 5-21 (Algo) Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Company reports the following balance sheet accounts as of December 31. Buildings $ 50,000 Accounts receivable 3,000 Land 27,000 Merchandise inventory 9,000 Accounts payable 6,000 Cash 10,000 Notes payable (due in 7 years) 50,000 office supplies 3,000 0. Water, Capital 36,000 Wages payable 4,000 Accumulated Depreciation Buildings 6,000 Prepare a classified balance sheet. Clear Water Co. Balance Sheet December 31 Assets Current assets Cash Accounts receivable Office supplies Merchandise inventory $ 10,000 3,000 3,000 9,000 S 25,000 Total current assets Plant assets Buildings Buildings 27,000 50 000 (23,000) Total plant assets Total assets Liabilities Current liabilities S 0 Total current liabilities Long-term liabilities Total liabilities 0 Equity Total liabilities and equity S 0

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