Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the december 31,2024, post-closing trial balance (

The December 31,2024, post-closing trial balance ( $ in thousands) for Libby Corporation is presented...

50.1K

Verified Solution

Question

Accounting

The December 31,2024, post-closing trial balance ( $ in thousands) for Libby Corporation is presented below:
\table[[,Debits,Credits],[Cash,27,500,],[Long-term investments,65,000,],[Accounts receivable,40,000,],[Allowance for uncollectible accounts,,8,500],[Prepaid insurance,4,000,],[Inventory,150,000,],[Land,55,000,],[Buildings,190,000,],[Accumulated depreciation-buildings,,60,000],[Equipment,147,500,],[Accumulated depreciation-equipment,,40,000],[Patents (unamortized balance),4,500,],[Accounts payable,,42,500],[Notes payable, due 2025,,75,000],[Interest payable,,15,000],[Bonds payable, due 2041,,170,000],[\table[[Common stock (no par),33,000 shares],[authorized, issued, and outstanding]],,231,000],[Retained earnings,,41,500],[Totals,683,500,683,560]]
Required:
Prepare a classified balance sheet for Libby Corporation on December 31,2024.
Note: Enter your answers in the order of their liquidity. Negative amounts should be entered by a minus sign. Enter your answers in thousands of dollars.
i
Total current assets
Property, plant, and equipment
Total current liabilities
Liabilities and Shareholders' Equity
Current liabilities
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students