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    Prepare a classified balance sheet for Steller Co.

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    Use the following information to prepare a classified balance sheet for Steller Co. at the end of 2008.

    Accounts Receivable 42,500
    Accounts Payable 8,000
    Cash 15,260
    Common Stock 42,000
    Long Term Notes Payable 23,000
    Merchandise Inventory 29,000
    Office Equipment 28,500
    Retained Earnings 45,460
    Prepaid Insurance 3,200

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    Solution Preview

    A couple of notes about order: each section of the balance is presented in order of liquidity, meaning ...

    Solution Summary

    The balance sheet is prepared in proper form including comments about the theory of the order of presentation for both assets and liabilities.