P 3-1 From Financial Reporting and Analysis, 13th Edition by Charles H. Gibson 2013

The following information was obtained from the accounts of Airlines International dated December 31, 2012, It is presented in alphabetical order.

Prepare a classified balance sheet in report form.

Accounts payable $77,916

Accounts Receivable $67,551

Accrued expense $23,952

Accumulated depreciation $220,541

Allowance for doubtful accounts $248

Capital in excess of par $72,913

Cash $28,837

Common stock (par $0.50, authorized 20,000

shares, issued 14,304 shares) $7,152

Current installments of long-term debt $36,875

Deffered income tax liability (long term) $42,070

Inventory $16,643

Investments and special funds $11,901

Long term debt, less current portion $393,808

Marketable securities $10,042

Other assets $727

Prepaid Expenses $3,963

Property, plant, and equipment at cost $809,980

Retained earnings $67,361

Unearned transportation revenue (airline

tickets expiring within a year) $6,808