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The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 32,500 Investments (long-term) 75,000 Accounts receivable
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:
Debits | Credits | ||
Cash | 32,500 | ||
Investments (long-term) | 75,000 | ||
Accounts receivable | 50,000 | ||
Allowance for uncollectible accounts | 10,500 | ||
Prepaid insurance | 9,000 | ||
Inventory | 200,000 | ||
Land | 65,000 | ||
Buildings | 240,000 | ||
Accumulated depreciationbuildings | 70,000 | ||
Equipment | 162,500 | ||
Accumulated depreciationequipment | 50,000 | ||
Patents (unamortized balance) | 9,500 | ||
Accounts payable | 47,500 | ||
Notes payable, due 2022 | 85,000 | ||
Interest payable | 20,000 | ||
Bonds payable, due 2031 | 220,000 | ||
Common stock (no par), 36,000 shares authorized, issued, and outstanding | 288,000 | ||
Retained earnings | 52,500 | ||
Totals | 843,500 | 843,500 | |
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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