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The following items were taken from the financial statements of Sheffield Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciation-equipment $5,100 Prepaid insurance 940 Accounts payable 1.300 Equipment 11.500 Notes payable (due after 2023) 500 Stock investments (long-term) 200 Common stock 9.640 Debt investments (short-term) 3,300 Retained earnings 4.000 Notes payable (due in 2023) 500 Accounts receivable 1.700 Cash 2,600 inventory 1,800 Prepare a classified balance sheet in good form as of December 31, 2022.

The following items were taken from the financial statements of Sheffield Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciation-equipment $5,100 Prepaid insurance 940 Accounts payable 1.300 Equipment 11.500 Notes payable (due after 2023) 500 Stock investments (long-term) 200 Common stock 9.640 Debt investments (short-term) 3,300 Retained earnings 4.000 Notes payable (due in 2023) 500 Accounts receivable 1.700 Cash 2,600 inventory 1,800 Prepare a classified balance sheet in good form as of December 31, 2022.

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 Sheffield Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciation-equipment $5,100 Prepaid insurance 940 Accounts payable 1.300 Equipment 11.500 Notes payable (due after 2023) 500 Stock investments (long-term) 200 Common stock 9.640 Debt investments (short-term) 3,300 Retained earnings 4.000 Notes payable (due in 2023) 500 Accounts receivable 1.700 Cash 2,600 inventory 1,800 Prepare a classified balance sheet in good form as of December 31, 2022.
Transcribed Image Text:The following items were taken from the financial statements of Sheffield Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciation-equipment $5,100 Prepaid insurance 940 Accounts payable 1.300 Equipment 11.500 Notes payable (due after 2023) 500 Stock investments (long-term) 200 Common stock 9.640 Debt investments (short-term) 3,300 Retained earnings 4.000 Notes payable (due in 2023) 500 Accounts receivable 1.700 Cash 2,600 inventory 1,800 Prepare a classified balance sheet in good form as of December 31, 2022.
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