Question
The following items were taken from the financial statements of P. Pharoah Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciationequipment $5,400 Prepaid
The following items were taken from the financial statements of P. Pharoah Company. (All amounts are in thousands.)
| Long-term debt | $1,000 | Accumulated depreciationequipment | $5,400 | |||
|---|---|---|---|---|---|---|
| Prepaid insurance | 710 | Accounts payable | 1,400 | |||
| Equipment | 12,000 | Notes payable (due after 2021) | 400 | |||
| Stock investments (long-term) | 400 | Owners capital | 13,510 | |||
| Debt investments (short-term) | 3,900 | Accounts receivable | 1,200 | |||
| Notes payable (due in 2021) | 400 | Inventory | 1,500 | |||
| Cash | 2,400 |
Prepare a classified balance sheet in good form as of December 31, 2020. (List Current Assets in order of liquidity. Enter amounts in thousands.)
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Financial And Managerial Accounting The Basis For Business Decisions
Authors: Jan Williams, Sue Haka, Mark S Bettner
13th Edition
0072942827, 978-0072942828
