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Cambridge Services' financial accounting information for the year ending January 31, 2022 is presented below. Assume all accounts have a normal balance.

Cash$ 8,720Equipment$ 36,640Accounts Payable$ 4,910Accounts Receivable$ 3,760Accumulated Depreciation$ 780Unearned Revenue$ 320Merchandise Inventory$ 7,830Prepaid Insurance$ 2,650Bank Loan$ 30,000Presto, Capital$ 23,590

The bank loan is payable over 4 years and $7,500 will be paid by January 31, 2023.

Required

Prepare a classified balance sheet.

Do not enter dollar signs or commas in the input boxes. For accumulated depreciation, do not enter a negative sign before the number.

Select accounts according to their classification. If more than one account is used under a classification, enter them in the order of appearance in the list above. For example, if cash and accounts receivable are both current assets, choose cash for the first drop down menu, and accounts receivable for the second.

Cambridge Services Classified Balance Sheet As at January 31, 2022AssetsCurrent AssetsAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerTotal Current AssetsAnswerProperty, Plant, and EquipmentAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerTotal Property, Plant, and EquipmentAnswerTotal AssetsAnswerLiabilitiesCurrent LiabilitiesAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerTotal Current LiabilitiesAnswerLong-Term LiabilitiesAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerTotal Long-Term LiabilitiesAnswerTotal LiabilitiesAnswerOwner's EquityAnswerAccounts PayableAccounts ReceivableAccumulated DepreciationBank Loan, Current PortionBank Loan, Long-Term PortionCashEquipmentMerchandise InventoryPrepaid InsurancePresto, CapitalUnearned RevenueAnswerLiabilities and Owner's EquityAnswer

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