The post-closing trial balance as of December 31, 2021 ($ in thousands) for Libby Corporation is presented
Fantastic news! We've Found the answer you've been seeking!
Question:
The post-closing trial balance as of December 31, 2021 ($ in thousands) for Libby Corporation is presented below:
Debts | Credits | ||
Money | 28,000 | ||
Investments (long term) | 66,000 | ||
accounts receivable | 41,000 | ||
Reserve for bad debts | 9,000 | ||
prepaid insurance | 4500 | ||
Inventory | 155.000 | ||
Tierra | 56,000 | ||
Buildings | 195.000 | ||
Accumulated Depreciation-Buildings | 61,000 | ||
Equipment | 149,000 | ||
Accumulated Depreciation-Equipment | 41,000 | ||
Patents (unamortized balance) | 5,000 | ||
Accounts payable | 43,000 | ||
Notes payable, due 2022 | 76,000 | ||
interest to pay | 15,500 | ||
Bonds payable, due 2031 | 175.000 | ||
Shares of common (non-par), 35,000 shares authorized, issued and pending | 245.000 | ||
Retained earnings | 34,000 | ||
Totals | 699,500 | 699,500 | |
Required:
Prepare a classified balance sheet for Libby Corporation as of December 31, 2021. (Enter your answers in the order of your liquidity. Negative amounts must be entered with a minus sign. Enter your answers in thousands of dollars.)
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date: