Question

Your answer is partially correct. The following items were taken from the financial statements of Concord Company. (All amounts are in thousands.) $5,600 1,900 500 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash $900 850 11,400 400 3,800 500 2,900 Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory 9,750 3,600 2,100 1,300 Prepare a classified balance sheet in good form as of December 31, 2022. (Enter amounts in thousands. List Current Assets in order of liquidity.)

Answer 1

Assets :

Current assets :
Cash	$2,900
Debt investment (short term)	$3,800
Accounts receivable	$2,100
Inventory	$1,300
Prepaid insurance	$850
Total Current Assets		$10,950
Stock investment (long term)		$400
Property, plant and equipment
Equipment	$11,400
Less: Accumulated depreciation - Equipmemt	$5,600	$5,800
Total assets		$17,150

Liabilities and shareholders equity

Current liabilities :
Accounts payable	$1,900
Notes payable	$500
Total Current liabilities		$2,400
Long term liabilities :
Notes payable	$500
Long term debt	$900
Total long term liabilities		$1,400
Total Liabilities		$3,800
Shareholders equity
Common stock	$9,750
Retained earnings	$3,600
Total shareholders Equity		$13,350
Total Liabilities and shareholder equity		$17,150