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
| 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 For $10/Page 0nly | $ 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.
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