E3-29 Classified balance sheet

La-Z-Boy Inc. is one of the world's largest manufacturers of furniture anise the best known or its reclining chairs. The following data (in thousands) were adapted from recent financial statements:

account payable $49,537
account receivable 161,299
accrued expense 77,447
accumulated depreciation 301,199
capital stock 256,3222
cash 115,262
intangible assets (trade names) 3,100
Inventories 138,444
debt due within one year 5,120
long-term debt 29,937
other current assets 17,218
other long-term assets 37,529
other long-term liabilities 67,274
property, plant, and equipment 421,802
retained earnings 107,818

Instructions: Prepare a classified balance sheet as of April 30, 20Y8.

Answer rating: 100% (QA)

Assets Current assets Cash Accounts Receivable Less Allowance for d deb... View the full answer