Question
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.)
Solutions
ekkarill92 answered 9 months agoRelated Solutions
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...
The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:...
The December 31, 2016, post-closing trial balance ($ in
thousands) for Libby Corporation is presented below:
Debits
Credits
Cash
32,500
Investment (long-term)
75,000
Accounts receivable
50,000
Allowance for uncollectible
accounts
10,500
Prepaid insurance
9,000
Inventories
200,000
Land
65,000
Buildings
240,000
Accumulated
depreciation–buildings
70,000
Equipment
162,500
Accumulated
depreciation–equipment
50,000
Patents (unamortized
balance)
9,500
Accounts payable
47,500
Notes payable, due 2017
85,000
Interest payable
20,000
Bonds payable, due 2026
220,000
Common stock, no par, 36,000
shares authorized, issued, and outstanding
288,000
Retained...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.Account TitleDebitsCreditsCash$40,000 Accounts receivable34,000 Inventories75,000 Prepaid rent for next 8 months16,000 Marketable securities (short term)10,000 Machinery1,45,000 Accumulated depreciation - machinery 11,000Patent (net of amortization)83,000 accounts payable 8,000wages payable 4,000Taxes payable 32,000Bonds payable (due in 10 Years) 2,00,000Commons stock 1,00,000Retained Earnings 48,000Totals403,000403,000Prepare a classified balance sheet for Jackson Corporation at December 31,2018
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title
Debits
Credits
Cash
$
52,000
Accounts receivable
46,000
Inventories
87,000
Prepaid rent for the next 8
months
28,000
Marketable securities (short
term)
22,000
Machinery
205,000
Accumulated
depreciation—machinery
$
23,000
Patent (net of
amortization)
91,000
Accounts payable
14,000
Wages payable
10,000
Taxes payable
44,000
Bonds payable (due in 10
years)
260,000
Common stock
150,000
Retained earnings
30,000
Totals
$
531,000
$
531,000
Required:
Prepare a...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title
Debits
Credits
Cash
$
52,000
Accounts receivable
46,000
Inventories
87,000
Prepaid rent for the next 8
months
28,000
Marketable securities (short
term)
22,000
Machinery
205,000
Accumulated
depreciation—machinery
$
23,000
Patent (net of
amortization)
91,000
Accounts payable
14,000
Wages payable
10,000
Taxes payable
44,000
Bonds payable (due in 10
years)
260,000
Common stock
150,000
Retained earnings
30,000
Totals
$
531,000
$
531,000
Required:
Prepare a...
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
45,000
Investments
110,000
Accounts receivable
60,000
Inventories
200,000
Prepaid insurance (for the next
9 months)
9,000
Land
90,000
Buildings
420,000
Accumulated
depreciation—buildings
$
100,000
Equipment
110,000
Accumulated
depreciation—equipment
60,000
Patents (net of
amortization)
10,000
Accounts payable
75,000
Notes payable
130,000
Interest payable
20,000
Bonds Payable
240,000
Common stock
300,000
Retained earnings
129,000
Totals
$
1,054,000
$
1,054,000
Additional information:
The investment...
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation.
Account Title
Debits
Credits
Cash
$
73,000
Investments
138,000
Accounts receivable
74,000
Inventories
214,000
Prepaid insurance (for the next 9 months)
5,000
Land
118,000
Buildings
434,000
Accumulated depreciation—buildings
$
114,000
Equipment
124,000
Accumulated depreciation—equipment
74,000
Patents (net of amortization)
24,000
Accounts payable
103,000
Notes payable
172,000
Interest payable
34,000
Bonds Payable
254,000
Common stock
342,000
Retained earnings
111,000
Totals
$
1,204,000
$
1,204,000
Additional information:
The investment...
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits...
The following is a December 31, 2018, post-closing trial balance
for Almway Corporation. Account Title Debits Credits Cash $ 85,000
Investments 150,000 Accounts receivable 80,000 Inventories 220,000
Prepaid insurance (for the next 9 months) 8,000 Land 130,000
Buildings 440,000 Accumulated depreciation—buildings $ 120,000
Equipment 130,000 Accumulated depreciation—equipment 80,000 Patents
(net of amortization) 30,000 Accounts payable 115,000 Notes payable
190,000 Interest payable 40,000 Bonds Payable 260,000 Common stock
360,000 Retained earnings 108,000 Totals $ 1,273,000 $ 1,273,000
Additional information: The investment...
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation.
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation.Account TitleDebitsCreditsCash$ 59,000 Accounts receivable53,000 Inventory94,000 Prepaid rent (for the next 8 months)35,000 Investment in equity securities (short term)29,000 Machinery240,000 Accumulated depreciation $ 30,000Patent (net)98,000 Accounts payable 17,500Salaries payable 13,500Income taxes payable 51,000Bonds payable (due in 10 years) 260,000Common stock 170,000Retained earnings 66,000Totals$ 608,000$ 608,000Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2024, by properly classifying each of the accounts.Note: Amounts to be deducted...
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31,...
The following is the post-closing trial balance for the Whitlow
Manufacturing Corporation as of December 31, 2017.
Account Title
Debits
Credits
Cash
4,400
Accounts receivable
1,400
Inventory
4,400
Equipment
10,400
Accumulated
depreciation—equipment
2,900
Accounts payable
2,400
Common stock
9,000
Retained earnings
6,300
Sales revenue
0
Cost of goods sold
0
Salaries and wages expense
0
Rent expense
0
Advertising expense
0
Totals
20,600
20,600
The following transactions occurred during January 2018:
Jan.
1
Sold merchandise for cash,
$2,900. The cost...
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