Solution-Create a classified balance sheet in good form

Create a classified balance sheet in good form

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Reference no: EM13523369

The following items were taken from the financial statements of M. Wright Company. (All dollars are in thousands.)

Long-term debt $812 Accumulated depreciation $5,427
Prepaid expenses 867 Accounts payable 1,221
Property, plant, and equipment 11,183 Notes payable after 2013 203
Long-term investments 257 M. Wright, Capital 12,836
Short-term investments 3,420 Accounts receivable 1,289
Notes payable in 2013 430 Inventories 1,615
Cash 2,298

Instructions

Prepare a classified balance sheet in good form as of December 31, 2012. (List assets in order of liquidity. List current liabilities from largest to smallest e.g. 10, 5, 3, 2, with notes payable first and long-term liabilities from largest to smallest e.g. 10, 5, 3, 2. Present all numbers as positive and subtract as necessary.)

Reference no: EM13523369

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Create a classified balance sheet in good form

Reference no: EM13523369

Reference no: EM13523369

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