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In: Accounting

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

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.)

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Expert Solution

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

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