U7 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: 0.5 points X 01:25:27 $ 500 200 (50) $ 650 20 163 102 68 333 51 49 100 Mikeska Company Balance Sheet as of December 31, 20x1 ($ in thousands) Assets Fixed assets-tangible Land Buildings and equipment Less: Reserve for depreciation Factory supplies Current assets Inventory Accounts receivable Cash Fixed assets-intangibles Patents Goodwill Deferred charges Discount on bonds payable Returnable containers Total assets Liabilities Current liabilities Accounts payable Allowance for doubtful accounts Wages payable Long-term liabilities Bonds payable Reserve for contingencies Equity Capital stock, $10 par, 5,000 shares issued and outstanding Capital surplus Earned surplus Dividends paid Total liabilities 12 32 44 $1,147 140 7 195 $ 342 400 50 450 50 75 270 (40) 355 $1,147 Required: Prepare a classified balance sheet. Make any necessary corrections. (Enter your answers in thousands. Amounts to be deducted should be entered with a minus sign.) Mikeska Company Balance Sheet As of December 31, 20X1 ($ in thousands) Assets Current assets: As of December 31, 20X1 ($ in thousands) Assets: U7 Current assets 0.5 points 01:24:47 Property, plant, and equipment: Intangible assets: Other assets: Total assets Liabilities: Current liabilities: Long-term liabilities: Total liabilities Equity: Total stockholders' equity Total liabilities and stockholders' equity