Presented below are a number of balance sheet items for Cullumber, Inc. for the current year, 2025.
Goodwill $127,970 Accumulated depreciation-equipment $292,260
Payroll taxes payable 180.561 Inventory 242,770
Bonds payable 302,970 Rent payable (short-term) 47,970
Discount on bonds payable 15,260 Income taxes payable 101,332
Cash 362,970 Rent payable (long-term) 482,970
Land 482.970 Common stock, $1 par value 202,970
Notes receivable 448,670 Preferred stock, $10 par value 152,970
Notes payable (to banks) 267,970 Prepaid expenses 90,890
Accounts payable 492,970 Equipment 1,472,970
Retained earnings ? Debt investments (trading) 123,970
Income taxes receivable 100,600 Accumulated depreciation-buildings 270,460
Notes payable (long-term) 1,602,970 Buildings 1,642,970
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized
was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of
debt investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land,
Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
