Question
Madison Mulch Company offers natural hardwood mulch and color enhanced mulch. The December 31, 2021, post-closing trial balance ($ in thousands) for the company
Madison Mulch Company offers natural hardwood mulch and color enhanced mulch. The December 31, 2021, post-closing trial balance ($ in thousands) for the company is presented below: Debits Credits Cash 32,000 Investments (long-term) 74,000 Accounts receivable 49,000 Allowance for uncollectible accounts 10,000 Prepaid insurance 8,500 Inventory 195,000 Land 64,000 Buildings 235,000 Accumulated depreciation-buildings 69,000 Equipment 161,000 Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable Notes payable, due 2022 49,000 9,000 47,000 84,000 Interest payable Bonds payable, due 2031 19,500 215,000 Common stock (no par), 34,000 shares authorized, issued, and outstanding 272,000 Retained earnings Totals 62,000 827,500 827,500 Required: Prepare a classified balance sheet for Madison Mulch Company at December 31, 2021. (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.) Total current assets tement Assets
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