Question

Question #2 (15 points) - use white spe dems were taken from the financial statements of Rivera Company. (All dollars 980 The following items were taken from the are in thousands.) Mortgage payable $ 2,340 Prepaid expenses Property, plant, and equipment 11,500 Long-term investments 1,300 Short-term investments 3,690 Notes payable due in 2019 1,000 Cash 2,750 Accumulated depreciation Accounts payable otes payable due after 2019 Owner's capital Accounts receivable Inventories 3,560 1,555 1,200 14,026 1,696 1,765 Instructions: fied halance sheet in good form as of December 31, 2018.

Answer 1

RIVERA COMPANY
Balance Sheet
December 31, 2018
(In thousands)
Assets
Current Assets:
Cash	$2,750
Short-term investments	$3,690
Accounts receivable	$1,696
Inventories	$1,765
Prepaid insurance	$980
Total current assets		$10,881
Long-Term Investments		$1,300
Property, Plant, and Equipment:
Property, Plant, and Equipment:	$11,500
Less: Accumulated depreciation	($3,560)	$7,940
Total Assets		$20,121
Liabilities and Owner's Equity
Current Liabilities:
Notes payables in 2019	$1,000
Accounts payable	$1,555
Total current liabilities		$2,555
Long-Term Liabilities:
Notes payable (after 2019)	$1,200
Mortagage payable	$2,340
Total long-term liabilities		$3,540
Total Liabilities                                            [$2,555 + $3,540]		$6,095
Owner's Equity
Owner's Capital		$14,026
Total liabilities and Owner's equity             [$6,095 + $14,026]		$20,121