DeVry Student Porta...
Week 2: Quiz
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\begin{tabular}{|c|c|c|}
\hline Cash & Debits & Credits \\
\hline Long-term investments & 25,000 & \\
\hline Accounts receivable & 60,000 & r \\
\hline Allowance for uncollectible accounts & 35,000 & \\
\hline Prepaid insurance & & 6,000 \\
\hline Inventory & 7,000 & \\
\hline Land & 125,000 & \\
\hline Buildings & 50,000 & \\
\hline Accumulated depreciation-buildings & 165,000 & \\
\hline Equipment & & 55,000 \\
\hline Accumulated depreciation-equipment & 140,000 & \\
\hline Patents (unamortized balance) & 7,500 & 35,000 \\
\hline Accounts payable & & 40,000 \\
\hline Notes payable, due 2025 & & 70,000 \\
\hline Interest payable & & 12,500 \\
\hline Bonds payable, due 2041 & & 145,000 \\
\hline Common stock (no par), 26,000 shares authorized, issued, and outstanding & & 195,000 \\
\hline Retained earnings & & 56,000 \\
\hline Totals & 614,500 & 614,500 \\
\hline
\end{tabular}
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.
LIBBY CORPORATION
