The following items were taken from the financial statements of 3. Pineda Compan

Question

The following items were taken from the financial statements of 3. Pineda Company. (All amounts are in thousands.) 1,0equipment $5,300 1,100 300 13,890 1,500 1,800 Long-term debt 990 11,600 Prepaid insurance Accounts payable Notes payable (due after 2018) Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2018) Cash 200 Owner's capital 4,000 Accounts receivable Inventory 500 2,100 Prepare a classified balance sheet in good form as of December 31, 2017. (List Current Assets in order of liquidity. Enter amounts in thousas . PINEDA COMPANY Balance Sheet Assets

Explanation / Answer

Pineda company Balancesheet as on 31 December 2017 In Thousands CURRENT ASSETS Cash                         2,100 Accounts Receivable                         1,500 Inventory                         1,800 Debt Investments                         4,000 Prepaid Insurance                             990 NON-CURRENT ASSETS Stock Investments                             200 PLANT, PROPERTY, AND EQUIPMENT Equipment                       11,600 Acc. Dep-Equip                       (5,300) TOTAL ASSETS                       16,890 CURRENT LIABILITIES Accounts Payable                         1,100 Notes Payable                             500 LONG TERM LIABILITIES Long term debt                         1,100 Notes Payable                             300 TOTAL LIABILITIES SHAREHOLDER’S EQUITY                       13,890 TOTAL LIABILITY and SHARE EQUITY                       16,890

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