The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2008. It

Question:

The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2008. It is presented in scrambled order.

Common stock, no par value, 10,000 shares

authorized, 5,724 shares issued $ 3,180

Retained earnings 129,950

Deferred income tax liability (long term) 24,000

Long-term debt 99,870

Accounts payable 35,000

Buildings 75,000

Machinery and equipment 300,000

Land 11,000

Accumulated depreciation 200,000

Cash 3,000

Receivables, less allowance of $3,000 58,000

Accrued income taxes 3,000

Inventory 54,000

Other accrued expenses 8,000

Current portion of long-term debt 7,000

Prepaid expenses 2,000

Other assets (long term) 7,000

Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...