Question
The December 31, 2021, post-closing trial balance for Liberty Corporation is presented below: Debits Credits Cash 22,500 Investments (long-term) 55,000 Accounts receivable 30,000 Allowance for
The December 31, 2021, post-closing trial balance for Liberty Corporation is presented below:
Debits Credits
Cash 22,500
Investments (long-term) 55,000
Accounts receivable 30,000
Allowance for uncollectible accounts 7,500
Prepaid insurance 4,500
Inventory 100,000
Land 45,000
Buildings 140,000
Accumulated depreciationbuildings 50,000
Equipment 132,500
Accumulated depreciationequipment 30,000
Patents (net) 5,000
Accounts payable 37,500
Notes payable, due 2022 65,000
Interest payable 10,000
Bonds payable, due 2031 120,000
Common stock (no par), 20,000 shares
authorized, issued, and outstanding 150,000
Retained earnings ________ 64,500
Totals 534,500 534,500
Required: Prepare a classified balance sheet for Liberty Corporation at December 31, 2021.
Make sure you have proper headings, columns, subtotals and totals.
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