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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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