Question

The December 31, 2021, post-closing trial balance ($ In thousands) for Libby Corporation is presented below: Credits Debits 29, eee 68, eee 43,00 7,600 3.34 points 5,500 165, eee 58, 205, eee (8 01:04:33 63, eee 152,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), 32, eee shares authorized, issued, and outstanding Retained earnings Totals 43,00 6, eee 44,00 78,000 16,500 185,000 224, eee 71, eee 731,500 731,520

Answer 1

Amount $ Amounts 29,000 Libby Corporation Balance Sheet as at 31st December 2021 :- Assets Current Assets :- Cash Accounts Receivable, Gross Less: Allowance for Doubtful accounts Accounts Receivable, Net Inventory Prepaid Insurance Total current assets 43,000 (7,000) 36,000 165,000 5,500 235,500 Long term Invetsment 68,000 58,000 Property, Plant & Equipment:- Land Buildings Less: Accumulated Depreciation - Building 205,000 (63,000) 142,000 Equipment Less: Accumulated Depreciation - Equipment 152,000 (43,000) 109,000 Total Property, Plant and Equipment 309,000 Patent (Unamortized balance) 6,000 Total Assets 618,500 Amount Amount $ Liabilities and Shareholders equity Current Liabilities : Accounts Payable Notes Payable Interest Payable Total current liabilities 44,000 78,000 16,500 138,500 Non-Current Liabilities :- Bonds Payable 185,000 Shareholders Equity :- Common Stock Retained earnings 224,000 71,000 295,000 618,500 618,500 Total Liabilities and Shareholders Equity