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:

Required:
Prepare a classified balance sheet in proper form. Make any necessary corrections.

Transcribed Image Text:

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