Question

The December 31, 2021. post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Credits Debits 25,000 60,000 35,eee 6,888 7,eee 125,000 50,000 165,000 55,880 140, eee 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) Accounts payable Notes payable, due 2022 Interest payable Bonds payable, due 2031 Common stock (no par), 26, Bee shares authorized, issued, and outstanding Retained earnings Totals 35,000 7,500 40,000 78,888 12,500 145, eee 195, eee 56,000 614,500 614, see Required: Prepare a classified balance sheet for Libby Corporation at December 31, 2021. (Enter your answers in the order of their Ilquidity. Negative amounts should be entered by a minus sign. Enter your answers in thousands of dollars.) LIBBY CORPORATION Balance Sheet At December 31, 2021 ($ in thousands) Assets 0 Total current assets 0 Property, plant, and equipment Net book value of building 0 0 Net book balue of equipment Net Property, plant, and equipment 0 Total assets S 0 Liabilities and Shareholders' Equity

Answer 1

Answer:

Libby Corporation Balance Sheet
Balance Sheet
At December 31, 2021
($ in thousands)
Assets
Current Assets
Cash		25000
Accounts Receivable	35000
Less: Allowance for uncollectible accounts	6000	29000
Inventories		125000
Prepaid insurance		7000
Total current assets		186000
Long-term Investment		60000
Property, plant, and equipment
Land		50000
Building	165000
Less: Accumulated depreciation	55000	110000
Equipment	140000
Less: Accumulated depreciation	35000	105000
Patent (Unamortized balance)		7500
Total Assets		518500
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable	40000
Notes Payable	70000
Interest Payable	12500
Total Current Liabilities	122500
Non-Current Liabilities
Bond Payable	145000
Total Liabilities		267500
Stockholders' Equity
Common Stock	195000
Retained Earnings	56000
Total Stockholders' Equity		251000
Total Liabilities and Stockholders' Equity		518500