The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Cor

Question

The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below Credits Debits 26,000 62,000 37,000 Investments (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventories 7,000 8,000 135,000 52,000 175,000 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (unamortized balance) Accounts payable Notes payable, due 2019 Interest payable Bonds payable, due 2028 Common stock, no par, 27,000 shares 57,000 143,000 37,000 8,500 72,000 13,500 155,000 189,000 authorized, issued, and outstanding Retained earnings 75,000 646,500 646,500 Required: Prepare a classified balance sheet for Libby Corporation at December 31, 2018. (Enter your answers in the order of thelr liquidity. Negative amounts should be entered by a mlnus sign. Enter your answers in thousands of dollars.)

Explanation / Answer

LIBBY CORPORATION

CLASSIFIED BALANCE SHEET

AS ON DECEMBER 31 2018

LIBBY CORPORATION

CLASSIFIED BALANCE SHEET

AS ON DECEMBER 31 2018

Assets current asset cash 26000 Accounts receivable 37000 less:Allowance for uncollectible accounts (7000) 30000 Inventories 135000 prepaid insurance 8000 Total current asset 199000 Long term Investment Investment 62000 Property plant and equipment Land 52000 Building 175000 Accumulated depreciation -building (57000) 118000 Equipment 143000 Accumulated depreciation -equipment (37000) 106000 Total property plant and equipment 276000 Intangible asset Patents 8500 Total asset 545500 Liabilities and stockholders equity Accounts payable 41000 Note payable (due 2019 -short term) 72000 Interest payable 13500 Total current liabilities 126500 Long term liabilities Bond payable ,due 2028 155000 Total liabilities 281500 stockholders equity common stock ,no par ,27000shares authorised ,issued and outstanding 189000 Retained earning 75000 Total stockholders equity 264000 Total liabilities and stockholders equity 545500

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