he following items were taken from the financial statements of P. Crane Company. (All amounts are in thousands.)Long-term debt $1,000 Accumulated depreciation—equipment $6,000Prepaid insurance 790 Accounts payable 1,400Equipment 11,500 Notes payable (due after 2021) 400Stock investments (long-term) 200 Owner’s capital 11,690Debt investments (short-term) 3,600 Accounts receivable 1,400Notes payable (due in 2021) 500 Inventory 1,400Cash 2,100 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. CRANE COMPANYBalance Sheetchoose the accounting period (in thousands)Assetsselect an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter a total amount for subsection one select a balance sheet item enter a balance sheet item enter a dollar amount select an opening name for subsection two enter a balance sheet item enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amount enter a subtotal of the two previous amounts select a closing section name for this part of the balance sheet $enter a total amount for this part of the balance sheet Liabilities and Owner's Equityselect an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter a total amount for subsection one of the second part of the balance sheet select an opening name for subsection two enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection two enter a total of the two previous amounts select a closing name for section one enter a total amount for this section of the balance sheet select an opening name for section two enter a balance sheet item enter a dollar amount select a closing name for this part of the balance sheet $enter a total amount for this part of the balance sheet

A balance sheet is a financial statement that presents a company's financial position at a specific…

Answered: Long-term debt $1,000 Accumulated…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

he following items were taken from the financial statements of P. Crane Company. (All amounts are in thousands.)

Long-term debt	$1,000	Accumulated depreciation—equipment	$6,000
Prepaid insurance	790	Accounts payable	1,400
Equipment	11,500	Notes payable (due after 2021)	400
Stock investments (long-term)	200	Owner’s capital	11,690
Debt investments (short-term)	3,600	Accounts receivable	1,400
Notes payable (due in 2021)	500	Inventory	1,400
Cash	2,100

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. CRANE COMPANY Balance Sheet choose the accounting period (in thousands)
Assets
select an opening name for subsection one
enter a balance sheet item	$enter a dollar amount
enter a balance sheet item	enter a dollar amount
enter a balance sheet item	enter a dollar amount
enter a balance sheet item	enter a dollar amount
enter a balance sheet item	enter a dollar amount
select a closing name for subsection one		$enter a total amount for subsection one
select a balance sheet item
enter a balance sheet item		enter a dollar amount
select an opening name for subsection two
enter a balance sheet item	enter a dollar amount
select between addition and deduction : enter a balance sheet item	enter a dollar amount	enter a subtotal of the two previous amounts
select a closing section name for this part of the balance sheet		$enter a total amount for this part of the balance sheet
Liabilities and Owner's Equity
select an opening name for subsection one
enter a balance sheet item	$enter a dollar amount
enter a balance sheet item	enter a dollar amount
select a closing name for subsection one		$enter a total amount for subsection one of the second part of the balance sheet
select an opening name for subsection two
enter a balance sheet item	enter a dollar amount
enter a balance sheet item	enter a dollar amount
select a closing name for subsection two		enter a total of the two previous amounts
select a closing name for section one		enter a total amount for this section of the balance sheet
select an opening name for section two
enter a balance sheet item		enter a dollar amount
select a closing name for this part of the balance sheet		$enter a total amount for this part of the balance sheet

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