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The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Credits Debits 25,500 61,000 36,000 6,500 7,500 130,000 51,000
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Credits Debits 25,500 61,000 36,000 6,500 7,500 130,000 51,000 170,000 56,000 141,500 Cash Investments (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable Notes payable, due 2022 Interest payable Bonds payable, due 2031 Common stock (no par), 25,000 shares authorized, issued, and outstanding Retained earnings Totals 36,000 8,000 40,500 71,000 13,000 150,000 175,000 82,500 630,500 630,500 Required: Prepare a classified balance sheet for Libby Corporation at December 31, 2021. (Enter your answers in the order of their liquidity. 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.) LIBBY CORPORATION Balance Sheet At December 31, 2021 ($ in thousands) Assets Total current assets Property, plant, and equipment Total current assets Property, plant, and equipment Net book value of building Net book balue of equipment Net Property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities Net book value of building Net book balue of equipment Net Property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities Total current liabilities Long-term liabilities Total current liabilities Long-term liabilities Total liabilities Shareholders' equity Total shareholder's equity Total liabilities and shareholders' equity
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