Question

The following accounts and amounts (in thousands) were taken from the 2022 financial statements of Marigold Instruments, Inc. Common shares Prepaid insurance Equipment Salaries payable Inventory Trading investments Income tax payable $2.700 940 9,335 150 2,015 1,480 25 Cash Accumulated depreciation-equipment Accounts payable Mortgage payable (due 2028) Retained earnings Accounts receivable $1,190 4.155 1,345 1,010 6,560 985 Prepare a classified statement of 31 2022 ist

Need help please, thank you!

Answer 1

Balance Sheet
Assets
Current assets:
Cash			1,190
Trading investment		1,480
Accounts receivable		985
Inventory			2,015
Prepaid insurance		940
Total Current assets			6,610
Equipment		9,335
Less: Accumulated dep	4,155	5,180
Total assets			11,790
Liabilities and Stockholder's equity
Current liabilities:
Accounts payable		1,345
Salaries payable		150
Income tax payable		25
Total current liabilities		1,520
Long term liabilities:
Mortgage payable (2028)		1,010
Total liabilities			2,530
Stockholder's equity:
Common Stock		2,700
Retained earnings		6,560
Total Stockholder's equity		9,260
Total Liabilities and St. Equity		11,790