
(1)
To Determine: The missing amounts of balance sheet
(1)

Explanation of Solution
Determine the missing amount of Inventories:
Hence, the amount of inventory is $413,838.
Determine the missing amount of Total assets:
Hence, total assets are $2,326,767.
Determine the missing amount of Property & equipment (net):
Hence, property & equipment (net) is $621,040.
Determine the missing amount of Accounts payable:
Hence, account payable is $59,072.
Determine the missing amount of Long term debt &
Hence, long term debt & deferred taxes are $262,576.
(2)
To Prepare: The classified balance sheet of Corporation T.
(2)

Explanation of Solution
The classified balance sheet of Corporation T, as at December 31st 2016 is as follows:
Classified balance sheet:
This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.
Corporation T | ||
Balance Sheet | ||
At December 31, 2016 | ||
Assets | ($ in thousands) | ($ in thousands) |
Current assets: | ||
Cash and cash equivalents | $ 239,186 | |
Short-term investments | 3,53,700 | |
for uncollectible accounts |
5,04,944 | |
Inventories | 4,13,838 | |
Prepaid expenses | 83,259 | |
Total current assets | 15,94,927 | |
Investments: | ||
Long-term receivables | 1,10,800 | |
Property and equipment (net) | 6,21,040 | |
Total assets | $2,326,767 | |
Liabilities and Shareholders' Equity | ($ in thousands) | ($ in thousands) |
Current liabilities: | ||
Notes payable and short-term debt | $ 31,116 | |
Accounts payable | 59,072 | |
Accrued liabilities | 4,21,772 | |
Other current liabilities | 1,81,604 | |
Total current liabilities | 6,93,564 | |
Long-term debt and deferred taxes | 2,62,576 | |
Total liabilities | 9,56,140 | |
Shareholders’ equity | 13,70,627 | |
Total liabilities and shareholders’ equity | $2,326,767 |
Table (1)
Therefore, the above classified balance sheet assets of $2,326,767 agrees with and liabilities and shareholders’ equity of $2,326,767
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