Chapter 6, Problem 6.5BE

Classified Balance Sheet. Armstrong Associates provided the following balance sheet for its current year ended December 31.

Armstrong Associates Balance Shoot At December 31
Assets	Amount
Cash	$ 255,000
Receivables	1,390,000
Prepaid Assets and Supplies	722,000
Property. Plant, and Equipment - net	2,075,000
Total Assets	$4,442,000
Liabilities
Payables and Accrued Expenses	$1,040,500
Income Taxes Payable	316,750
Notes Payable, due in 5 years	1,007,000
Total Liabilities	$2,364,250
Stockholders' Equity
Contributed Capital	$1,855,000
Retained Earnings	222,750
Total Stockholders' Equity	$ 2,077,750
Total Liabilities and Stockholders' Equity	$4,442,000

The following account analyses were made during the company’s recent year-end audit

Receivables
Accounts Receivable	$ 450,000
Indefinite-life Intangible Assets	940,000
Receivables	$1,390,000
Prepaid Assets and Supplies
Merchandise Inventory	$ 641,000
Prepaid Rent	81,000
Prepaid Assets and Supplies	$ 722,000
Payables and Accrued Expenses
Accounts Payable	$ 510,000
Accrued Expenses	521,500
Payables and Accrued Expenses	$1,040,500
Contributed Capital
Common Stock, $1 par value	$ 815,000
Additional Paid-in Capital	1,040,000
Contributed Capital	$1,855,000

Required

Prepare a corrected classified balance sheet.