Prepare a classified balance sheet

The following is the adjusted trial balance for Canine Corporation
Subject: Business    / Accounting
Question

Balance Sheet Preparation Due Thursday, February 23, 2017

The following is the adjusted trial balance for Canine Corporation on December 31, 2016.

Account Title Debits Credits

Cash 45,000

Investments 110,000

Accounts receivable 68,000

Allowance for Uncollectible Accounts 8,000

Inventories 200,000

Prepaid Insurance 9,000

Land 90,000

Buildings 420,000

Equipment 110,000

Accumulated depreciation 165,000

Patents (net of amortization) 10,000

Accounts payable 75,000

Notes payable 130,000

Interest payable 20,000

Bonds payable 240,000

Common stock 100,000

Additional paid in capital in excess of par 200,000

Retained earnings (before closing) 118,000

Other accumulated comprehensive income (loss) 10,000

Treasury stock, at cost 15,000

Cash dividends 3,000

Dog food sales 104,000

Cost of goods sold 70,000 .

Totals 1,160,000 1,160,000

Additional information:

The investment account includes an investment in common stock of another corporation of $30,000 which management intends to hold for at least three years. The remainder of these investments is intended to be sold in the coming year.
The land account includes land which cost $25,000 that the company has not used and is currently listed for sale.
The cash account includes $15,000 set aside in a fund that is restricted for the repayment of bonds that mature in 2030 and $23,000 of commercial paper that is due in 60 days.
The notes payable account consists of the following separate notes:
a $30,000 note due in six months
a $50,000 note due in six years
a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2015
The corporation has 10,000 shares of $10 par value common stock issued. 50,000 shares are authorized and 9,000 shares are outstanding.

Required: This assignment should be presented professionally with appropriate $ signs and underlining. The accounts have been adjusted but not closed, so you will need to determine the appropriate balance for Retained Earnings.

1. Prepare a classified balance sheet for Canine Corporation at December 31, 2016.

2. Calculate the current ratio and working capital