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Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity. Enter amounts in thousands.)

Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity. Enter amounts in thousands.)

FINANCIAL ACCOUNTING
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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The following items were taken from the financial statements of P. Wildhorse Company. (All amounts are in thousands.) Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash Current Assets Cash Debt Investments Accounts Receivable $1,000 Prepaid Insurance 720 11,000 200 4,000 400 2,600 Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Owner's capital Accounts receivable Inventory Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity. Enter amounts in thousands.) P. WILDHORSE COMPANY Balance Sheet December 31, 2022 (in thousands) Assets $5,400 $ 1,300 400 13,320 V 1,800 1,500
Transcribed Image Text:The following items were taken from the financial statements of P. Wildhorse Company. (All amounts are in thousands.) Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments (short-term) Notes payable (due in 2023) Cash Current Assets Cash Debt Investments Accounts Receivable $1,000 Prepaid Insurance 720 11,000 200 4,000 400 2,600 Accumulated depreciation-equipment Accounts payable Notes payable (due after 2023) Owner's capital Accounts receivable Inventory Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity. Enter amounts in thousands.) P. WILDHORSE COMPANY Balance Sheet December 31, 2022 (in thousands) Assets $5,400 $ 1,300 400 13,320 V 1,800 1,500
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