Chapter 6, Problem 6.6P

Prepare Classified Balance Sheet. Centre Company provided the following listing of the current year's post-closing account balances

Account	Debit	Credit
Cash	Solve
Notes payable, due in 10 years		$12,000
Treasury stock at cost	$ 5,600
Accumulated other comprehensive income		1,000
Current portion of long-term debt		500
Property, plant, and equipment – net	46,500
Investments in affiliate companies (noncurrent)	3,000
Accounts receivable	8,000
Bonds payable, due in 20 years		20,000
Common stock, $1 par value		15,000
Investments at fair value (available-for-sale) (noncurrent)	2,100
Accounts payable		6,200
Additional paid-in capital		14,800
Dividends payable		300
Intangible assets – net	4,000
Merchandise inventory	5,800
Income taxes payable		1,500
Retained earnings		6,800

Centre reported net income of $3,200 and declared dividends amounting to $600. Unrealized losses on the company’s available-for-sale portfolio amounted to $400 for the current year. There are no other events that affect stockholders’ equity.

Required

Prepare a classified balance sheet at December 31 of the current year.