December 31, 2024, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:

 

	Debits	Credits
Cash	22,500
Investments (long-term)	55,000
Accounts receivable	30,000
Allowance for uncollectible accounts		7,500
Prepaid insurance	4,500
Inventory	100,000
Land	45,000
Buildings	140,000
Accumulated depreciation–buildings		50,000
Equipment	132,500
Accumulated depreciation–equipment		30,000
Patents (unamortized balance)	5,000
Accounts payable		37,500
Notes payable, due 2025		65,000
Interest payable		10,000
Bonds payable, due 2034		120,000
Common stock (no par), 20,000 shares authorized, issued, and outstanding		150,000
Retained earnings		64,500
Totals	534,500	534,500

 

Required:  Prepare a classified balance sheet for Libby Corporation on December 31, 2024.

Answer rating: 100% (QA)

Answer To prepare a classified balance sheet for Libby Corporation on December 31 2024 we need to ca... View the full answer