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

Question

10-09-2019
Business

contestada

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

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andromache andromache · Answer 1 · 2019-09-19T10:57:27+02:00

Answer:

Explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation is used that means

Total assets = Total liabilities + Shareholder equity

The preparation of the classified balance sheet for Libby corporation on December 31, 2011 is presented in the spreadsheet. Kindly find the attachment below: