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:

Required:
Prepare a classified balance sheet in proper form. Make any necessarycorrections.

Transcribed Image Text:

Mikeska Company Balance Sheet as of December 31, 2014 in thousands Assets Fixed assets tangible Land Buildings and equipment Less: Reserve for depreciation S500 200 (50) 650 20 Factory supplies Current assets Accounts receivable Cash 163 102 68 Fixed assets ntangibles Patents Goodwill 51 49 100 Deferred charges Discount on bonds payable Returnable containers 12 32 Total assets $1,147 Liabilities Current liabilities Accounts payable Allowance for doubtful accounts Wages payable 140 195 342 Long-term liabilities Bonds payable Reserve for contingencies 400 50 450 Equity Capital stock, $10 par, 5,000 shares issued and outstanding Capital surplus Earned surplus Dividends paid 50 75 270 40) 355 1,147 Total liabilities