The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2012. It
Question:
The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2012. It is presented in scrambled order.
Required
Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.
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Common stock, no par value, 10,000 shares authorized, 5,724 shares issued Retained earnings Deferred income tax liability (long term) Long-term debt Accounts payable Buildings Machinery and equipment Land Accumulated depreciation Cash Receivables, less allowance of $3,000 Accrued income taxes Inventory Other accrued expenses Current portion of long-term debt Prepaid expenses Other assets (long term) $ 3,180 129,950 24,000 99,870 35,000 75,000 300,000 11,000 200,000 3,000 58,000 3,000 54,000 8,000 7,000 2,000 7,000
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Related Book For
Financial Statement Analysis
ISBN: 9781133189404
13th International Edition
Authors: Charles H. Gibson
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