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The December 31, 2021, post-closing trial balance (S 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 (S 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 depreciation-buildings 70,000 Equipment 162,500 Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable 50,000 9,500 47,500 Notes payable, due 2022 Interest payable Bonds payable, due 2031 85,000 20,000 Common stock (no par), 36,000 shares authorized, issued, and outstanding Retained earnings Totals 220,000 288,000 52,500 843,500 843,500 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.) LIBBY CORPORATION Balance Sheet At December 31, 2021 (5 in thousands) Assets < Previ 13 of 15 Next >
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