Exercise $4-2$ Preparing a balance sheet $($LO$4-1)$

The following balance sheet, which has some weaknesses in terminology and classification, has been prepared by an inexperienced accountant and submitted to you for review:

$\backslash$table$[[\backslash$table$[[$Mikeska Company$],[$Balance Sheet as of December $31,20$X$1],[($$ in thousands$)]]],[$Assets$,$t$,],[$Fixed assets$-$tangible$,,],[$Land$,$$ $500,],[$Buildings and equipment,$200,],[$Less: Reserve for depreciation,$(50),$$ $650],[$Factory supplies,,$20],[$Current assets,,$],[$Inventory$,163,],[$Accounts receivable,$102,],[$Cash$,68,333],[$Fixed assets$-$intangibles,,$],[$Patents$,51,],[$Goodwill$,49,100],[$Deferred charges,,$],[$Discount on bonds payable,$12,],[$Returnable containers,$32,44],[$Total assets,,$$1,147],[$Liabilities$,,],[$Current liabilities,,$],[$Accounts payable,$140,],[$Allowance for doubtful accounts,$7,],[$Wages payable,$195,$$ $342],[$Long$-$term liabilities,,$],[$Bonds payable,$400,],[$Reserve for contingencies,$50,450],[$Equity$,,],[$Capital stock, $$10$ par, $5,000$ shares issued and outstanding,$50,],[$Capital surplus,$75,],[$Earned surplus,$270,]]$