Not secure l ezto.mheducation.com/hm.tpx?--0.62 14561599869993-153/229590461 D T

Question

Not secure l ezto.mheducation.com/hm.tpx?--0.62 14561599869993-153/229590461 D The December 31, 2016, post-closing trial balance (S in thousands) for Libby Corporation is presented below Debits Credits 28,500 67,000 42,000 Cash Investment (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventories Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment 9,500 5,000 160,000 57,000 200000 62 000 150,500 42.000 , Patents (unamortized balance) 5,500 Accounts payable Notes payable, due 2017 Interest payable Bonds payable, due 2026 Common stock, no par, 30,000 shares authorized issued and outstanding 43,500 77,000 16,000 180,000 210,000 Retained earnings 75,500 Totals 715,500 715,500 Required: Prepare a classified balance sheet for Libby Corporation at December 31. 2016 (Enter your answers in the order of their liquidity. Negative amounts should be entered by a minus sign. Enter your answers in thousands of dollars.) Type here to search hp

Explanation / Answer

Balance sheet for libby corporation at December 31 , 2016 Assets Amount Laibilities Amount Current assets : accounts payable 43500 cash 28500 interest payable 16000 accounts receviable 42000 notes payable due 77000 less: allowance & uncllectible 9500 32500 Bonds payable due 180000 prepaid insurance 5000 stock holderequity inventories 160000 common stock 210000 non current assets retained earning 75500 investment (long term) 67000 land 57000 Building 200000 less: Depreciation 62000 138000 equipment 150500 less: Depreciation 42000 108500 patents 5500 Total assets 602000 total laibilities 602000

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.