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Inventory 2 5 0 Deferred tax asset 1 5 0 Prepaid insurance 3 5 Accounts payable 4 0 Accumulated depreciation 6 , 0 0 0
InventoryDeferred tax assetPrepaid insuranceAccounts payableAccumulated depreciationBonds payable maturityNote receivable maturityEquipmentTreasury stockAccounts receivablePremium on bonds payablePreferred stockAccumulated other comprehensive income debit balanceGoodwillAllowance for doubtful accountsDiscount on notes receivableLandTrading securitiesHeldtomaturity securities debt maturitySecurity FV adjustment trading credit balanceSecurity FV adjustment AFS debit balancePension liabilityAdditional paidin capitalCash and cash equivalentsAvailable for sale securities debt maturityCommon stockFactoriesAccrued expenses and payables
Bonus Opportunity due
Part I: Classified balance sheet
Use the following postclosing balance information at to create a professional balance sheet. All amounts listed in thousands.
tableInventoryDeferred tax asset,Prepaid insurance,Accounts payable,Accumulated depreciation,Bonds payable maturityNote receivable maturityEquipment,Treasury stock,Accounts receivable,Premium on bonds payable,Preferred stock,tableAccumulated other comprehensiveincome debit balanceGoodwill,Allowance for doubtful accounts,Discount on notes receivable,tableSecurity FV adjustment AFS debitbalancePension liability,Additional paidin capital,Cash and cash equivalents,tableAvailable for sale securities debt maturityCommon stock,FactoriesAccrued expenses and payables,
of the bonds will come due of the premium will expire with their maturity.
of the equipment account is no longer used in operations and is being held idle. of the accumulated depreciation is associated with this idle equipment.
of the cash and cash equivalents are legallyrestricted in accordance with agreements tied to the longterm bonds payable.
Only of the prepaid insurance contract will be used in
The inventory in the ledger is presented at cost the net realizable value of the inventory is $
You must calculate retained earnings from the information given.
Part II: Multistep income statement
Use the following incomerelated items to crtate a multistep income statement for Assume a tax rate all amounts listed in thousands and pretax
tableCost of goods sold,tableImpairment of patent used incontinuing operationsDividend revenue,tableSelling general and administrativeexpensesSales revenue,Interest expense,Unrealized gain on trading securitiesResearch and development,Depreciation and amortization,Restructuring costs,
In addition, the following information is available regarding a division the company decided to discontinue all amounts in thousands
tableBook value of assets,$Book value of liabilities,$
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