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The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 31,000 Investments (long-term) 72,000 Accounts receivable
The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:
Debits | Credits | ||
Cash | 31,000 | ||
Investments (long-term) | 72,000 | ||
Accounts receivable | 47,000 | ||
Allowance for uncollectible accounts | 9,000 | ||
Prepaid insurance | 7,500 | ||
Inventories | 185,000 | ||
Land | 62,000 | ||
Buildings | 225,000 | ||
Accumulated depreciationbuildings | 67,000 | ||
Equipment | 158,000 | ||
Accumulated depreciationequipment | 47,000 | ||
Patents (unamortized balance) | 8,000 | ||
Accounts payable | 46,000 | ||
Notes payable, due 2019 | 82,000 | ||
Interest payable | 18,500 | ||
Bonds payable, due 2028 | 205,000 | ||
Common stock, no par, 30,000 shares authorized, issued, and outstanding | 240,000 | ||
Retained earnings | 81,000 | ||
Totals | 795,500 | 795,500 | |
Required: Prepare a classified balance sheet for Libby Corporation at December 31, 2018. (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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