Long-term debt $ 900 Accumulated depreciation-equip Prepaid insurance 940 Accounts payable Equipment 12,000 Notes payable (due after 2021) Stock investments (long-term) 200 Owner's capital Debt investments (short-term) 4,200 Accounts receivable
Long-term debt $ 900 Accumulated depreciation-equip Prepaid insurance 940 Accounts payable Equipment 12,000 Notes payable (due after 2021) Stock investments (long-term) 200 Owner's capital Debt investments (short-term) 4,200 Accounts receivable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Liabilities and Owner's Equity
24
>
>

Transcribed Image Text:The following items were taken from the financial statements of P. Oriole Company. (All amounts are in thousands.)
Long-term debt
$ 900
Accumulated depreciation-equipment
$5.300
Prepaid insurance
940
Accounts payable
1,700
Equipment
12,000
Notes payable (due after 2021)
500
Stock investments (long-term)
200
Owner's capital
14.640
Debtinvestments (short-term)
4,200
Accounts receivable
1,700
Notes payable (due in 2021)
400
Inventory
2,000
Cash
2,400
Prepare a classified balance sheet in good form as of December 31, 2020. (List Current Assets in order of liquidity. Enter amounts in
thousands.)
P. ORIOLE COMPANY
Balance Sheet
(in thousands)
Assets
24
>
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