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reality company prepared the following balance sheet : Problem 2 Reality Company prepared the following Balance sheet: Reality Company Balance Sheet for Year Ended December

reality company prepared the following balance sheet
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Problem 2 Reality Company prepared the following Balance sheet: Reality Company Balance Sheet for Year Ended December 31, 2021 Working Capital $ 22,800 Noncurrent Liabilities $ 62,000 Other Assets 152,000 Shareholder's Equity 112,800 Total $ 174,800 Total $ 174,800 An analysis prepared by your of these accounts reveals the following information: 1. Working Capital consists of: Land $ 14,500 Accounts due from customers 16,000 Accounts due to supplies (22,700) Inventories, including office supplies of $3,500 35,000 Income taxes owed (15,700) Wages owed (3,300) Note owed to bank (due December 31, 2024) (18,000) Securities held as a short-term investment 17,000 Total $ 22,800 2. Other Assets include: Cash $ 12,500 Prepaid Insurance 2,800 Buildings and equipment 100,000 Discount on Bonds Payable 3,000 Investment in available for sale securities 28,600 Treasury Stock (at Cost) 5,100 Total $ 152,000 3. Noncurrent liabilities consist of: Bonds payable (due 2028) $ 33,000 Allowance for doubtful accounts 1,600 Additional paid-in capital on preferred stock 2,400 Common stock, $5 par 25,000 Total $ 62,000 4. Shareholder's equity includes: Accumulated depreciation: Buildings and equipment $ 42,500 Preferred Stock, $100 par 12,000 Additional paid-in capital on common stock 13,100 Retained earnings 39,300 Accrued pension cost 7,200 Unrealized decrease in value of available for sale securities (1,300) Total $ 112,800 Instructions: Based on your analysis prepare a properly classified balance with parenthetic notes as applicable for Reality Corporation at December 31, 2021. Dollars in are thousands

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