Prepare the classified balance sheet for the year ended December 31, 2022.

HOMES INC.
Balance Sheet
As of December 31, 2022
Assets Liabilities
Current Assets: Current Liabilities:
Cash $26,000 Accounts Payable $31,000
Accounts Receivable $25,000 Salaries Payable $28,000
Supplies $32,000 Utilities Payable $5,000
Prepaid Insurance $7,000 Total Current Liabilities $64,000
Total Current Assets $90,000 Long-term Liabilities:
Long-term Assets: Notes Payable $150,000
Equipment $625,000 Total Liabilities $214,000
Accumulated Depreciation ($200,000) Stockholder's Equity
Total Long-Term Assets $425,000 Common Stock $200,000
Retained Earnings $101,000
Total Stockholders' Equity $301,000
Total Assets $515,000 Total Liabilities and SE $515,000