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The following items were taken from the financial statements of J. Blossom Company on December 31, 2021. (All amounts are in thousands.) Long-term debt $870
The following items were taken from the financial statements of J. Blossom Company on December 31, 2021. (All amounts are in thousands.)
Long-term debt | $870 | Accumulated depreciationequipment | $5,525 | |||
---|---|---|---|---|---|---|
Prepaid insurance | 750 | Accounts payable | 1,314 | |||
Equipment | 11,370 | Notes payable (due after 2022) | 270 | |||
Long-term investments | 134 | J. Blossom, capital | 12,255 | |||
Short-term investments | 3,560 | Accounts receivable | 1,126 | |||
Notes payable (due in 2022) | 370 | Merchandise inventory | 1,126 | |||
Cash | 2,538 |
Prepare a classified balance sheet in good form as at December 31, 2021. (List Current Assets in order of liquidity.)
J. BLOSSOM COMPANY Balance Sheet December 31, 2021 V (in thousands) Assets Current Assets Cash $ 2538.00 Accounts Receivable 1126.00 Merchandise Inventory 1126.00 Short-term Investments 3560.00 Prepaid Insurance 750.00 Total Current Assets 9100.00 Total Long-term Investments Long-term Investments 134.00 Property, Plant, and Equipment Equipment $ 11370.00 Less : Accumulated Depreciation Equipment 5525.00 5845.00 Total Assets $ 15079.00 Liabilities and Owner's Equity Current Liabilities Notes Payable $ 370.00 Accounts Payable 1314.00 Total Current Liabilities 1684.00 Long-term Liabilities Notes Payable $ 270.00 Long-term Debt 870.00 Long-term Liabilities 1140.00 Long-term Liabilities 1140.00 Total Liabilities v
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