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The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 24,000 Investment (long-term) 58,000 Accounts receivable
The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: |
Debits | Credits | |
Cash | 24,000 | |
Investment (long-term) | 58,000 | |
Accounts receivable | 33,000 | |
Allowance for uncollectible accounts | 9,000 | |
Prepaid insurance | 6,000 | |
Inventories | 115,000 | |
Land | 48,000 | |
Buildings | 155,000 | |
Accumulated depreciationbuildings | 53,000 | |
Equipment | 137,000 | |
Accumulated depreciationequipment | 33,000 | |
Patents (unamortized balance) | 6,500 | |
Accounts payable | 39,000 | |
Notes payable, due 2017 | 68,000 | |
Interest payable | 11,500 | |
Bonds payable, due 2026 | 135,000 | |
Common stock, no par, 25,000 shares authorized, issued, and outstanding | 187,500 | |
Retained earnings | 46,500 | |
Totals | 582,500 | 582,500 |
Required: |
Prepare a classified balance sheet for Libby Corporation at December 31, 2016. (Enter your answers in the order of their liquidity. Negativ
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