The following items were taken from the financial statements of P. Sunland Company. (All amounts are in thousands.) Accumulated depreciation- Long-term debt 1,100 equipment 5,600 Prepaid insurance 820 Accounts payable 1,000 Equipment 11,100 Notes payable (due after 2021) 400 Stock investments (long- 200 Owner's capital 11,920 term) Debt investments (short- term) 3,400 Accounts receivable 1,400 Notes payable (due in 2021) 600 Inventory 1,400 Cash 2,300 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. SUNLAND COMPANY Balance Sheet (in thousands) Assets

The following items were taken from the financial statements of P. Sunland Company. (All amounts are in thousands.) Accumulated depreciation- Long-term debt 1,100 equipment 5,600 Prepaid insurance 820 Accounts payable 1,000 Equipment 11,100 Notes payable (due after 2021) 400 Stock investments (long- 200 Owner's capital 11,920 term) Debt investments (short- term) 3,400 Accounts receivable 1,400 Notes payable (due in 2021) 600 Inventory 1,400 Cash 2,300 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. SUNLAND COMPANY Balance Sheet (in thousands) Assets

Name: Liabilities and Owner's EquityE Week 4 - Practice: Chapter 42$5 of 5-
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Description: Liabilities and Owner's EquityE Week 4 - Practice: Chapter 42$5 of 5- / 4 The following items were taken from the financial statements of P. Sunland Company. (All amountsare in thousands.)$1,100Accumulated depreciation-equipmentLong-term debt5,600Pr

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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