I have started a classified balance sheet but am stuck. The instructions are to prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in 2008. I am attaching the excel sheet I have prepared on sheet one and the figures that I need to use on sheet 2. I am very stuck and can't see where I have messed up. Please help Thank you.
Prepaid Insurance 4,680
insurance expense 780
depreciation expense 5,300
interest expense 2,600
common stock 62,000
retained earnings (January 1, 2007) 40,000
Accumulated depreciation- Building 45,600
Accounts Payable 9,500
Mortgage Payable 93,600
Accumulated Depreciation-Equipment 18,720
Interest Payable 3,600
Bowling Revenues 19,180
Please see the attached file
Since the balances given include income ...
The solution explains how to prepare a classified balance sheet given the account balances.