Question

The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:

	Debits		Credits
Cash	31,000
Investments (long-term)	72,000
Accounts receivable	47,000
Allowance for uncollectible accounts			9,000
Prepaid insurance	7,500
Inventories	185,000
Land	62,000
Buildings	225,000
Accumulated depreciation–buildings			67,000
Equipment	158,000
Accumulated depreciation–equipment			47,000
Patents (unamortized balance)	8,000
Accounts payable			46,000
Notes payable, due 2019			82,000
Interest payable			18,500
Bonds payable, due 2028			205,000
Common stock, no par, 30,000 shares authorized, issued, and outstanding			240,000
Retained earnings			81,000
Totals	795,500		795,500

Required:
Prepare a classified balance sheet for Libby Corporation at December 31, 2018. (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.)

Answer 1

Answer-

LIBBY CORPORATION
BALANCE SHEET
December 31,2018
Assets		Amount
		$ in thousands
Current Assets
Cash		31000
Accounts receivable	47000
Less- Allowance for uncollectible accounts	9000	38000
Inventories		185000
Prepaid insurance		7500
Non Current Assets
Equipment	158000
Less- Accumulated depreciation	47000	111000
Building	225000
Less- Accumulated depreciation	67000	158000
Land		62000
Patents		8000
Long Term Investments
Investments (Long term)		72000
Total Assets		672500
Liabilities
Current liabilities		146500
Accounts payable	46000
Notes payable	82000
Interest payable	18500
Long term liabilities
Bonds payable		205000
Shareholder equity		321000
Common stock	240000
Retained earnings	81000
Total liabilities and shareholder equity		672500