the following information was obtained from the accounts of lukes inc as of december 544226
The following information was obtained from the accounts of Lukes, Inc. as of December 31, 2000. It is presented in scrambled order. Common stock, no par value, 10,000 shares
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authorized, 5,724 shares issued Don't use plagiarized sources. Get Your Custom Essay on
the following information was obtained from the accounts of lukes inc as of december 544226
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$ 3,180 |
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Retained earnings |
129,950 |
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Deferred income tax liability (long term) |
24,000 |
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Long-term debt |
99,870 |
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Accounts payable |
35,000 |
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Buildings |
75,000 |
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Machinery and equipment |
300,000 |
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Land |
11,000 |
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Accumulated depreciation |
200,000 |
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Cash |
3,000 |
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Receivables, less allowance of $3,000 |
58,000 |
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Accrued income taxes |
3,000 |
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Inventory |
54,000 |
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Other accrued expenses |
8,000 |
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Current portion of long-term debt |
7,000 |
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Prepaid expenses |
2,000 |
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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.
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