The December 31, 2021, post-closing trial balance for Strong Corporation is presented below: Accounts Debit Credit Cash $ 23,300 Accounts receivable 23,100 Prepaid insurance 4,600 Supplies 190,000 Long-Term Investments 52,000 Land 45,000 Buildings 275,000 Accumulated depreciation 86,000 Accounts payable 37,400 Notes payable, due 2022 62,000 Interest payable 12,000 Notes payable, due 2031 129,000 Common stock 180,000 Retained earnings 106,600 Totals $ 613,000 $ 613,000 Prepare a classified balance sheet for Strong Corporation at December 31, 2021.

Answer and Explanation:

The balance sheet is shown below:-

Current assets Current liability

Cash $23,300 Accounts payable $37,400

Accounts

receivable $23,100 Notes payable due

Prepaid 2022 $62,000

Insurance $4,600 Interest payable $12,000

Supplies $190,000 Total current liabilities $111,400

Total Current Long term liabilities

assets $241,000

Long term Notes payable due 2031 $129,000

Investments $52,000

Property plants and

equipment

Land $45,000 Stockholders Equity

Building $275,000 Common stock $180,000

Less: Accumulated Retained Earnings $106,600

Depreciation $86,000

Property plants and Total stockholder equity $286,600

equipment $234,000

Total assets $527,000 Total Liabilities

and Stockholders' Equity $527,000

Therefore the total assets is $527,000 while the total liabilities and stockholder equity is $527,000