The following items were taken from the financial statements of Buttercup Company. (All dollars are in thousands.)Mortgage payable $2,443 Accumulated depreciation $3,655Prepaid insurance 880 Accounts payable 1,444Property, plant, and equipment 11,500 Notes payable after 2019 1,200Long-term investments 1,100 Common stock 5,000Short-term investments 3,690 Retained earnings 8,480Notes payable in 2019 1,000 Accounts receivable 1,696Cash 2,600 Inventories 1,756Prepare a classified balance sheet in good form as of December 31, 2018. (Enter amounts in thousands. List current assets in order of liquidity.)

The balance sheet shows the financial position of the company including the assets, liabilities, and…

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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 Buttercup Company. (All dollars are in thousands.)

Mortgage payable	$2,443	Accumulated depreciation	$3,655
Prepaid insurance	880	Accounts payable	1,444
Property, plant, and equipment	11,500	Notes payable after 2019	1,200
Long-term investments	1,100	Common stock	5,000
Short-term investments	3,690	Retained earnings	8,480
Notes payable in 2019	1,000	Accounts receivable	1,696
Cash	2,600	Inventories	1,756

Prepare a classified balance sheet in good form as of December 31, 2018. (Enter amounts in thousands. List current assets in order of liquidity.)

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