Consider the following account balances of evan mcgruder, inc., as of december 31, year 3:
accounts payable $ 112,500
retained earnings 56,200
equipment 423,100
notes payable, due year 5 344,700
common stock 207,500
accounts receivable 204,000
income tax payable 4,050
cash 97,850
required:
prepare a classified balance sheet at june 30, year 3.

Explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation is used that means

Total assets = Total liabilities + Shareholder equity

The preparation of the classified balance sheet for Evan McGruder, Inc. on June 30, Year 3 is presented in the spreadsheet. Kindly find the attachment below:

answer; im thinking the correct answer is (7years);