Question
The December 31, 2024, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 31,000 Long-term investments 72,000 Accounts receivable
The December 31, 2024, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:
Debits
Credits
Cash
31,000
Long-term investments
72,000
Accounts receivable
47,000
Allowance for uncollectible accounts
9,000
Prepaid insurance
7,500
Inventory
185,000
Land
62,000
Buildings
225,000
Accumulated depreciationbuildings
67,000
Equipment
158,000
Accumulated depreciationequipment
47,000
Patents (unamortized balance)
8,000
Accounts payable
46,000
Notes payable, due 2025
82,000
Interest payable
18,500
Bonds payable, due 2041
205,000
Common stock (no par), 30,000 shares
authorized, issued, and outstanding
240,000
Retained earnings
81,000
Totals
795,500
795,500
Required:
Prepare a classified balance sheet for Libby Corporation on December 31, 2024.
Note: 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.
The December 31, 2024, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:
| Debits | Credits |
Cash | 31,000 |
|
Long-term investments | 72,000 |
|
Accounts receivable | 47,000 |
|
Allowance for uncollectible accounts |
| 9,000 |
Prepaid insurance | 7,500 |
|
Inventory | 185,000 |
|
Land | 62,000 |
|
Buildings | 225,000 |
|
Accumulated depreciationbuildings |
| 67,000 |
Equipment | 158,000 |
|
Accumulated depreciationequipment |
| 47,000 |
Patents (unamortized balance) | 8,000 |
|
Accounts payable |
| 46,000 |
Notes payable, due 2025 |
| 82,000 |
Interest payable |
| 18,500 |
Bonds payable, due 2041 |
| 205,000 |
Common stock (no par), 30,000 shares authorized, issued, and outstanding |
| 240,000 |
Retained earnings |
| 81,000 |
Totals | 795,500 | 795,500 |
Required:
Prepare a classified balance sheet for Libby Corporation on December 31, 2024.
Note: 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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