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P3-2 The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2012. It is presented in scrambled order. Commonstock, no
P3-2 The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2012. It is presented in scrambled order. | ||||||||||||||||||||||
Commonstock, no par value, 10,000 shares authorized, 5,724 shares issued | $3,180 | |||||||||||||||||||||
Retained earnings | 129,950 | |||||||||||||||||||||
Deferred income tax liability (longterm) | 24,000 | |||||||||||||||||||||
Long-term debt | 99,870 | |||||||||||||||||||||
Accounts payable | 35,000 | |||||||||||||||||||||
Buildings | 75,000 | |||||||||||||||||||||
Machinery and equipment | 300,000 | |||||||||||||||||||||
Land | 11,000 | |||||||||||||||||||||
Accumulated depreciation | 200,000 | |||||||||||||||||||||
Cash | 3,000 | |||||||||||||||||||||
Receivables, less allowance of $3,000 | 58,000 | |||||||||||||||||||||
Accrued income taxes | 3,000 | |||||||||||||||||||||
Inventory | 54,000 | |||||||||||||||||||||
Other accrued expenses | 8,000 | |||||||||||||||||||||
Current portion of long-term debt | 7,000 | |||||||||||||||||||||
Prepaid expenses | 2,000 | |||||||||||||||||||||
Other assets (longterm) | 7,000 | |||||||||||||||||||||
Required Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities. | ||||||||||||||||||||||
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