The following items were taken from the financial statements of P. Wildhorse Company. (All amounts are in thousands.)Long-term debtPrepaid insuranceEquipmentStock investments (long-term)Debt investments (short-term)Notes payable (due in 2023)CashCurrent AssetsCashDebt InvestmentsAccounts Receivable$1,000Prepaid Insurance72011,0002004,0004002,600Accumulated depreciation-equipmentAccounts payableNotes payable (due after 2023)Owner's capitalAccounts receivableInventoryPrepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity. Enter amounts inthousands.)P. WILDHORSE COMPANYBalance SheetDecember 31, 2022(in thousands)Assets$5,400$1,30040013,320V1,8001,500

This Statement shows the balance of assets liabilities and Equity as at the balance sheet date.…

Answered: Prepare a classified balance sheet in…

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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Prepare a classified balance sheet as of December 31, 2022
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1.32. Creating Balance Sheets and Income Statements. Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the years then ended
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Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…

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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.)