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The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 32,500 Investment (long-term) 75,000 Accounts receivable
The December 31, 2016, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: |
Debits | Credits | |
Cash | 32,500 | |
Investment (long-term) | 75,000 | |
Accounts receivable | 50,000 | |
Allowance for uncollectible accounts | 10,500 | |
Prepaid insurance | 9,000 | |
Inventories | 200,000 | |
Land | 65,000 | |
Buildings | 240,000 | |
Accumulated depreciationbuildings | 70,000 | |
Equipment | 162,500 | |
Accumulated depreciationequipment | 50,000 | |
Patents (unamortized balance) | 9,500 | |
Accounts payable | 47,500 | |
Notes payable, due 2017 | 85,000 | |
Interest payable | 20,000 | |
Bonds payable, due 2026 | 220,000 | |
Common stock, no par, 36,000 shares authorized, issued, and outstanding | 288,000 | |
Retained earnings | 52,500 | |
Totals | 843,500 | 843,500 |
Required: |
Prepare a classified balance sheet for Libby Corporation at December 31, 2016. (Enter your answers in the order of their liquidity. Negative amounts should be entered by a minus sign. Enter your answers in thousands of dollars.) |
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