Question
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: DebitsCreditsCash30,000Investments (long-term)70,000Accounts receivable45,000Allowance for uncollectible accounts8,000Prepaid insurance6,500Inventory175,000Land60,000Buildings215,000Accumulated depreciation-buildings65,000Equipment155,000Accumulated depreciation-equipment45,000Patents
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:
DebitsCreditsCash30,000Investments (long-term)70,000Accounts receivable45,000Allowance for uncollectible accounts8,000Prepaid insurance6,500Inventory175,000Land60,000Buildings215,000Accumulated depreciation-buildings65,000Equipment155,000Accumulated depreciation-equipment45,000Patents (unamortized balance)7,000Accounts payable45,000Notes payable, due 202280,000Interest payable17,500Bonds payable, due 2031195,000Common stock (no par), 32,000 shares
authorized, issued, and outstanding224,000Retained earnings84,000Totals763,500763,500
Required:
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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