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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:

Cash 26,500
Investments (long-term) 63,000
Accounts receivable 38,000
Allowance for uncollectible accounts 7,500
Prepaid insurance 3,000
Inventories 140,000
Land 53,000
Buildings 180,000
Accumulated depreciation–buildings 58,000
Equipment 144,500
Accumulated depreciation–equipment 38,000
Patents (unamortized balance) 9,000
Accounts payable 41,500
Notes payable, due 2019 73,000
Interest payable 14,000
Bonds payable, due 2028 160,000
Common stock, no par, 29,000 shares
authorized, issued, and outstanding		 203,000
Retained earnings 62,000
Totals 657,000 657,000

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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ekkarill92 answered 1 year ago
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