What it is
A classified balance sheet splits assets and liabilities into current and noncurrent, so readers can see liquidity and working capital. This workbook has current and prior year-end columns, subtotals for current assets, noncurrent assets, current liabilities, noncurrent liabilities and equity, and a balance check that turns red when assets do not equal liabilities plus equity.
Below the statement are working capital, current ratio, quick ratio and liabilities-to-equity. A second tab has a short guide on how to classify the items that cause most questions: callable debt, refinancing, deferred taxes, operating lease liabilities, restricted cash, deferred revenue and investments.
When to use it
- Presenting year-end statements from a trial balance for a compilation, review or lender package.
- Checking that a mapped trial balance balances and classifies sensibly.
- Training staff on current versus noncurrent classification.
What’s inside
- Classified balance sheet with two year-end columns
- Contra accounts for allowance, accumulated depreciation and treasury stock
- Out-of-balance check with red and green status
- Working capital, current ratio, quick ratio and liabilities to equity
- Classification guide tab with references to the codification topics
Standard cited
This template follows ASC 210. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Where do deferred taxes go?
Noncurrent. Under ASU 2015-17 all deferred tax assets and liabilities are classified as noncurrent.
How is a lease liability split?
The right-of-use asset is noncurrent. In a classified balance sheet the lease liability is split between the portion due within a year and the rest. The workbook has a row for each.
What if debt is in covenant violation?
The debt is classified as current unless the creditor has waived or lost the right to demand repayment for more than one year (or the operating cycle, if longer) from the balance sheet date, or, where the agreement has a grace period, it is probable the violation will be cured within it (ASC 470-10-45-11). The guide tab summarizes the point.
Related templates
- Trial Balance Template with Mapping (Excel)
- Cash Flow Statement Template, Indirect Method (ASC 230)
- Lead Schedule Template (Excel)
Last updated 11/05/2026. All free templates.