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The December 31, 2024, account balances for Cortez Company are presented below. The balances have...

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Accounting

The December 31, 2024, account balances for Cortez Company are presented below. The balances have been appropriately adjusted.

Accounts Debit Credit
Cash $ 16,000
Accounts receivable 169,000
Prepaid rent 8,000
Supplies 31,000
Equipment 330,000
Accumulated depreciation $ 126,000
Accounts payable 20,000
Salaries payable 3,100
Interest payable 1,800
Notes payable (due in two years) 20,000
Common stock 160,000
Retained earnings 140,000
Dividends 24,000
Service revenue 460,000
Salaries expense 187,000
Advertising expense 77,000
Rent expense 11,000
Depreciation expense 38,000
Interest expense 2,900
Utilities expense 37,000
Totals $ 930,900 $ 930,900

Required:

Prepare a classified balance sheet for Cortez Company as of December 31, 2024.

Note: Amounts to be deducted should be indicated with a minus sign.

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