The following balance sheet, which has some weaknesses in terminology and classification, has been prepared by an inexperienced accountant and submitted to you for review:

Mikeska Company
Balance Sheet as of December 31, 2017 ($ in thousands)
Assets
Fixed assetstangible
Land	$	500
Buildings and equipment		200
Less: Reserve for depreciation		(50	)	$	650
Factory supplies					20
Current assets
Inventory		163
Accounts receivable		102
Cash		68			333
Fixed assetsintangibles
Patents		51
Goodwill		49			100
Deferred charges
Discount on bonds payable		12
Returnable containers		32			44
Total assets				$	1,147
Liabilities
Current liabilities
Accounts payable		140
Allowance for doubtful accounts		7
Wages payable		195		$	342
Long-term liabilities
Bonds payable		400
Reserve for contingencies		50			450
Equity
Capital stock, $10 par, 5,000 shares issued and outstanding		50
Capital surplus		75
Earned surplus		270
Dividends paid		(40	)		355
Total liabilities				$	1,147