The following accounts are taken from the financial statements of Knight Entertainments Resorts, Inc., at its September 30, 2014, year-end. (Amounts are in thousands.)

Required:
1. Prepare a classified balance sheet at September 30, 2014.
This exercise requires you to remember material from Chapter 1. (Some of the above accounts are not reported on the balance sheet.)
2. Using the balance sheet, indicate whether the total assets of Knight Entertainments Resorts, Inc., at the end of the year were financed primarily by liabilities or by share- holders' equity.

Transcribed Image Text:

$ 48,735 General Expenses Salaries Payable Interest Expense 22,082 32,066 58,462 Accounts Payable Other Current Liabilities 115,663 Food and Beverage Revenue 12,065 88,761 Cash Accounts Receivable 56,777 283,692 Other Current Assets Property and Equipment 1,647,050 Long-Term Note Payable Contributed Capital Retained Earnings 1,835,192 32 44,849