Question

View Policies Current Attempt in Progress The following items were taken from the financial statements of Concord Company. (All amounts are in thousands.) $900 850 Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash 11,400 abo Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Common stock Retained earnings Accounts receivable Inventory $5,600 1,900 500 9,750 3,600 2.100 1,300 3,800 500 2,900 Prepare a classified balance sheet in good form as of December 31, 2022. (Enter amounts in thousands. List Current Assets in order of liquidity) Concord Company Balance Sheet Assets $

Answer 1

Concord Company Balance Sheet December 31, 2022
Assets
Current Assets:
Prepaid Incurance	$ 850
Debt investments (short-term)	$ 3,800
Cash	$ 2,900
Accounts receivable	$ 2,100
Inventory	$ 1,300
Total Current Assets		$ 10,950
Investments:
Stock investments (long-term)		$ 400
Property,plant,and equipment:
Equipment	$ 11,400
Less: Accumulated depreciation -Equipment	($ 5,600)	$ 5,800
Total Assets		$ 17,150
Liabilities and stockholders' Equity
Current liabilities:
Accounts payable	$ 1,900
Notes payable - (Short term)	$ 500
Total Current liabilities		$ 2,400
Long-term Debt:
Notes payable (long-term)	$ 500
Long term Debt	$ 900
Total Debt		$ 1,400
Total Liabilities		$ 3,800
Stockholders' Equity:
Common stock	$ 9,750
Retained earnings	$ 3,600
Total Stockholder's Equity		$ 13,350
Total liabilities and stockholders' equity		$ 17,150