Reference no: EM132522227

Question - Selected financial information for Pharoah as of December 31, 2017, follows:

Accounts payable $211,000

Land $106,000

Accounts receivable 190,000

Licences 59,000

Accumulated depreciation-building 75,000

Long-term equity investments 44,000

Building 254,000

Mortgage payable 224,000

Cash 16,500

Notes payable 56,000

Goodwill 36,000

Prepaid expenses 7,000

Interest payable 16,000

Salaries payable 28,500

J. Chrowder, capital 85,500

Supplies 10,000

Unearned revenue 26,500

Additional information:

1. All accounts have normal balances.

2. $18,000 of the mortgage payable will be paid before December 31, 2018.

3. The notes payable are payable on May 17, 2018.

Required - Prepare classified balance sheet.