(Preparation of a Classified Balance Sheet) Assume that Gulistan Inc. has the following accounts at the end of the current year.
1. Common Stock.
2. Discount on Bonds Payable.
3. Treasury Stock (at cost).
4. Notes Payable (short term).
5. Raw Materials.
6. Preferred Stock Investments (long term).
7. Unearned Rent Revenue.
8. Work in Process.
9. Copyrights.
10. Buildings.
11. Notes Receivable (short term).
12. Cash.
13. Salaries and Wages Payable.
14. Accumulated Depreciation—Buildings.
15. Cash Restricted for Plant Expansion.
16. Land Held for Future Plant Site.
17. Allowance for Doubtful Accounts—Accounts Receivable.
18. Retained Earnings.
19. Paid in Capital in Excess of Par—Common Stock.
20. Unearned Subscriptions Revenue.
21. Receivables—Officers (due in one year).
22. Finished Goods.
23. Accounts Receivable.
24. Bonds Payable (due in 4 years).
Instructions
Prepare a classified balance sheet in good form. (No monetary amounts are necessary.)