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The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 29,500 Investments (long-term) 69,000 Accounts receivable
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:
Debits | Credits | ||
Cash | 29,500 | ||
Investments (long-term) | 69,000 | ||
Accounts receivable | 44,000 | ||
Allowance for uncollectible accounts | 7,500 | ||
Prepaid insurance | 6,000 | ||
Inventory | 170,000 | ||
Land | 59,000 | ||
Buildings | 210,000 | ||
Accumulated depreciationbuildings | 64,000 | ||
Equipment | 153,500 | ||
Accumulated depreciationequipment | 44,000 | ||
Patents (unamortized balance) | 6,500 | ||
Accounts payable | 44,000 | ||
Notes payable, due 2022 | 79,000 | ||
Interest payable | 17,000 | ||
Bonds payable, due 2031 | 190,000 | ||
Common stock (no par), 35,000 shares authorized, issued, and outstanding | 238,000 | ||
Retained earnings | 63,500 | ||
Totals | 747,500 | 747,500 | |
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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