a)Prepare a classified balance sheet for Martin Air Freight based on the adjusted trial balance shown below.
b)Prepare the required closing entries.

* $2,000 of the long-term note payable is due during the next year.

Adjusted Trial Balance

A financial statement that lists all account balances in the general ledger after adjustments are made, ensuring credits and debits match.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the books for the next period.

Long-term Note Payable

A liability in the form of a written promise to pay a specified sum of money, with a maturity of more than one year from the date of issuing.