Please do not give solution in image format thanku esCurrent assetsTotal current assetsLong-term investmentsTotal assetsCurrent liabilitiesBalance SheetDecember 31AssetsLong-term liabilitiesTotal liabilitiesLiabilitiesEquityTotal equityTotal liabilities and equity$00 Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow.Prepaid rentAccounts receivable$ 1,00010,00012,00018,000CashTotal equityCurrent assetsPrepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company'sbalance sheet.BENNETT CO.Balance SheetDecember 31AssetsTotal current assetsLong-term investmentsTotal assetsLiabilitiesAccounts payableAllowance for doubtful accountsNotes payable (due in 10 years)Notes receivable (due in 4 years)$$ 2,5005006,0004,0000

The balance sheet is one of the important financial statements of the business. It represents the…

Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow. Prepaid rent Accounts receivable Cash Total equity Current assets BENNETT CO. Balance Sheet December 31 Assets $ 1,000 10,000 12,000 10,000 Total current assets Long-term investments Accounts payable Allowance for doubtful accounts Notes payable (due in 10 years) Notes receivable (due in 4 years) Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the com balance sheet. $ 2,500 500 0 6,000 4,000