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

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The December 31, 2024, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Cash Long-term investments Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable Notes payable, due 2025 Interest payable Bonds payable, due 2041 Common stock (no par), 32,000 shares authorized, issued, and outstanding Retained earnings Totals Debits 30,000 70,000 45,000 6,500 175,000 60,000 215,000 155,000 7,000 763,500 Credits 8,000 65,000 45,000 45,000 80,000 17,500 195,000 224,000 84,000 763,500 Required: Prepare a classified balance sheet for Libby Corporation on December 31, 2024. Note: Enter your answers in the order of their liquidity. Negative amounts should be entered by a minus sign. Enter your answers in thousands of dollars. Total current assets Property, plant, and equipment Net book value of buildings LIBBY CORPORATION Balance Sheet December 31, 2024 ($ in thousands) Assets Net book value of equipment Net Property, plant, and equipment Intangibles: Net book value of equipment Net Property, plant, and equipment Intangibles: Total assets Current liabilities Total current liabilities Long-term liabilities Liabilities and Shareholders' Equity Total liabilities Shareholders' equity Total shareholder's equity Total liabilities and shareholders' equity The December 31, 2024, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Cash Long-term investments Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable Notes payable, due 2025 Interest payable Bonds payable, due 2041 Common stock (no par), 32,000 shares authorized, issued, and outstanding Retained earnings Totals Debits 30,000 70,000 45,000 6,500 175,000 60,000 215,000 155,000 7,000 763,500 Credits 8,000 65,000 45,000 45,000 80,000 17,500 195,000 224,000 84,000 763,500 Required: Prepare a classified balance sheet for Libby Corporation on December 31, 2024. Note: Enter your answers in the order of their liquidity. Negative amounts should be entered by a minus sign. Enter your answers in thousands of dollars. Total current assets Property, plant, and equipment Net book value of buildings LIBBY CORPORATION Balance Sheet December 31, 2024 ($ in thousands) Assets Net book value of equipment Net Property, plant, and equipment Intangibles: Net book value of equipment Net Property, plant, and equipment Intangibles: Total assets Current liabilities Total current liabilities Long-term liabilities Liabilities and Shareholders' Equity Total liabilities Shareholders' equity Total shareholder's equity Total liabilities and shareholders' equity

Answer rating: 100% (QA)

BALANCE SHEET LIBBY CORPORATION BALANCE SHEET AS ON DECEMBER 31 2024 TOTAL ASSETS CASH ... View the full answer