The December 31, 2011, post closing trial balance in thousands for libby corpora
ID: 2374926 • Letter: T
Question
The December 31, 2011, post closing trial balance in thousands for libby corporations is preseted below
Debit Credit
Cash 22,500
investments 55,000
accouts recievable 30,000
Allownnce for uncollectible accounts 7,500
Prepaid insurance 4,500
Inventories 100,000
Land 45,000
Buildings 140,000
Accumulated Depreciation-buildings 50,000
Equipment 132,500
Accumulated Depreciation-equipment 30,000
Patents(unamortized balance) 5,000
Accounts Payable 37,500
Notes Payable, due 2012 65,000
Interest Payable 10,000
Bonds Payable due 2021 120,000
Common Stock 150,000
Retained Earnings 64,500
Total 534,500 534,500
Prepare a classified balance sheet for libby corporation at December 31,2011
Explanation / Answer
Hi,
Please find the answer as follows:
Thanks.
Assets
Cash
22500 Accounts Receivable 30000
Less Allowance for Uncollectible Accounts 7500 22500 Inventories
100000 Prepaid Insurance
4500 Total Current Assets
149500 Investments
55000 Property Plant and Equipment
Land 45000
Building 140000
Equipment 132500
317500
Less Accumulated Depreciation 80000
Net Property Plant and Equipment
237500 Intangibles
Patents
5000 Total Assets
447000
Liabilities and Stockholder's Equity
Current Liabilties
Accounts Payable
37500 Notes Payable, Due 2012
65000 Interest Payable
10000 Total Current Liabilities
112500 Long Term Liabilities
Bonds Payable, Due 2021
120000 Shareholder's Equity
Common Stock 150000
Retained Earnings 64500
Total Shareholder's Equity
214500 Total Liabilities and Stockholder's Equity
447000
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