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The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 28,000 Investments (long-term) 66,000 Accounts receivable
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:
Debits | Credits | ||
Cash | 28,000 | ||
Investments (long-term) | 66,000 | ||
Accounts receivable | 41,000 | ||
Allowance for uncollectible accounts | 9,000 | ||
Prepaid insurance | 4,500 | ||
Inventory | 155,000 | ||
Land | 56,000 | ||
Buildings | 195,000 | ||
Accumulated depreciationbuildings | 61,000 | ||
Equipment | 149,000 | ||
Accumulated depreciationequipment | 41,000 | ||
Patents (unamortized balance) | 5,000 | ||
Accounts payable | 43,000 | ||
Notes payable, due 2022 | 76,000 | ||
Interest payable | 15,500 | ||
Bonds payable, due 2031 | 175,000 | ||
Common stock (no par), 35,000 shares authorized, issued, and outstanding | 245,000 | ||
Retained earnings | 34,000 | ||
Totals | 699,500 | 699,500 | |
Required: Prepare a classified balance sheet for Libby Corporation at December 31, 2021. (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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