The following items were taken from the financial statements of P. Cullumber Company. (All amounts are in thousands.)Long-term debt $1,000 Accumulated depreciation—equipment $5,900Prepaid insurance 880 Accounts payable 1,100Equipment 11,300 Notes payable (due after 2023) 500Stock investments (long-term) 200 Owner’s capital 11,580Debt investments (short-term) 3,400 Accounts receivable 1,600Notes payable (due in 2023) 600 Inventory 1,200Cash 2,100 Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity. Enter amounts in thousands.)

Balance sheet is a financial statement that shows list of final ending balance of assets,…

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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 P. Cullumber Company. (All amounts are in thousands.)

Long-term debt	$1,000	Accumulated depreciation—equipment	$5,900
Prepaid insurance	880	Accounts payable	1,100
Equipment	11,300	Notes payable (due after 2023)	500
Stock investments (long-term)	200	Owner’s capital	11,580
Debt investments (short-term)	3,400	Accounts receivable	1,600
Notes payable (due in 2023)	600	Inventory	1,200
Cash	2,100

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

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