Reference no: EM131802471

Problem - The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2008. It is presented in scrambled order.

Common stock, no par value, 10,000 shares authorized, 5,724 shares issued        $3,180

Retained earnings                                                                                              129,950

Deferred income tax liability (long term)                                                              24,000

Long-term debt                                                                                                  99,870

Accounts payable                                                                                               35,000

Buildings                                                                                                           75,000

Machinery and equipment                                                                                   300,000

Land                                                                                                                 11,000

Accumulated depreciation                                                                                   200,000

Cash                                                                                                                3,000

Receivables, less allowance of $3,000                                                                 58,000

Accrued income taxes                                                                                       3,000

Inventory                                                                                                        54,000

Other accrued expenses                                                                                   8,000

Current portion of long-term debt                                                                      7,000

Prepaid expenses                                                                                             2,000

Other assets (long term)                                                                                   7,000

Required - Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.