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Prepare a classified balance sheet for LMN Ltd. as of December 31, 2023, using the following account balances: Current Assets: Cash: $25,000 Accounts Receivable: $30,000

Prepare a classified balance sheet for LMN Ltd. as of December 31, 2023, using the following account balances:

  • Current Assets:
    • Cash: $25,000
    • Accounts Receivable: $30,000
    • Inventory: $20,000
  • Non-current Assets:
    • Property, Plant, and Equipment: $150,000
    • Accumulated Depreciation: ($15,000)
  • Current Liabilities:
    • Accounts Payable: ($10,000)
    • Short-term Debt: ($5,000)
  • Long-term Debt: ($50,000)
  • Shareholders' Equity: ?

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