The following list of accounts is taken from the records of the Norman Company Ltd. at December 31, 2016:
|
Account |
Balance |
|
Accounts payable |
$125 |
|
Accounts receivable |
138 |
|
Bank loan (½ due in 2017) |
110 |
|
Building |
400 |
|
Cash |
250 |
|
Equipment |
140 |
|
Land |
115 |
|
Mortgage payable (due 2019) |
280 |
|
Notes receivable, due within 90 days |
18 |
|
Prepaid insurance |
12 |
|
Retained earnings |
? |
|
Salaries payable |
14 |
|
Share capital |
400 |
|
Unused supplies |
70 |
Required: Prepare a classified balance sheet. Assume all accounts have normal balances.
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