Transcribed Image Text
In: AccountingPRACTICE PROBLEMUtilizing the following information, prepare a classifiedbalance sheet for Shoe Company at December...PRACTICE PROBLEMUtilizing the following information, prepare a classifiedbalance sheet for Shoe Company at December 31, 2017.Inventory120,700Notes Payable*10,000Unearned Service Revenue90,000Notes Receivable**140,000Equipment200,000Accounts Receivable161,000Cash37,000Notes Payable (long-term)80,000Allowance for Doubtful Accounts12,000Trading Securities***70,500Accumulated Depreciation - Equipment53,000Land307,000Bonds Payable due 1/1/2020294,000Building200,000Accumulated Depreciation – Bldg130,600Accounts Payable3,700Franchise64,300Common Stock270,000Retained Earnings244,000Prepaid Rent45,000Income Taxes Payable52,000Patent36,400Additional Paid-in Capital142,600*This portion of notes payable is the portion due in the nextyear.**The Notes Receivable is due to be paid in three years.***The company intends to sell the trading securities in thenext year.