Question

The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Credits Debits 27,500 65,000 40,000 8,500 4,000 150,000 55,000 190,000 60,000 Cash Investments (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventory Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patents (unamortized balance) ccounts payable Notes payable, due 2022 Interest payable Bonds payable, due 2031 Common stock (no par), 33,000 shares authorized, issued, and outstanding Retained earnings Totals 147,500 40,000 4,500 42,500 75,000 15,000 170,000 231,000 41,500 683,500 683,500 Required:

Answer 1

$ $ $ 27,500 40,000 -8,500 $ 31,500 $ 4,000 $ 1,50,000 $ 2,13,000 LIBBY CORPORATION Balance Sheet At December 31, 2021 ($ in thousands) Assets Current Assets: Cash Accounts Receivable Less: Allowance for uncollectable accounts Prepaid insurance Inventory Total Current Assets Long-term Investments Investments(long term) Total Long Term Investments Property, Plant & Equipment Land Building Less: Accumulated depreciation Building Equipment Less: Accumulated depreciation Equipment Net: Property, Plant & Equipment Intangible Assets Patents Total Intangible Assets Total Assets $ 65,000 $ 65,000 $ 55,000 $ 1,90,000 $ -60,000 $ 1,30,000 $ 1,47,500 $ 40,000 $ 1,07,500 $ 2,92,500 $ 4,500 $ 4,500 $ 5,75,000

$ 1,32,500 Liabilities and Stockholders' Equity Liabilities Current Liabilities: Account payable $ 42,500 Notes payable $ 75,000 Interest payable $ 15,000 Total Current Liabilities Long-term Liabilities: Bonds payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock $ 2,31,000 Retained Earnings $ 41,500 Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ 1,70,000 $ 1,70,000 $ 3,02,500 $ 2,72,500 $ 5,75,000