Surf, Inc.Post-Closing Trial BalanceJanuary 1, 2021(in thousands)DRCRCash and cash equivalents$20,289Short-term marketable securities53,892Accounts receivable, allowance of $65 and $48,respectively21,568Inventories37,223Vendor and nontrade receivables28,568Other current assets15,473Long-term marketable securities87,562Land26,589BuildingsAccumulated depreciation, buildingEquipmentAccumulated depreciation, equipmentLeasehold improvementsPage97,523$45,263 |58,96327,53299,652Accumulated amortization, leaseholds56,32558,62367,825TrademarkGoodwillOther noncurrent assets10,236Accounts payableSalaries and wages payable27,86212,586 |89,542Long-term notes payableRetained earnings264,922Common stock159,954 |Total$683,986$683,986RequiredPrepare a classified balance sheet utilizing the post closing trial balance of Surf, Inc. 1-Jan-21ASSETSCurrent AssetsTotal current assets14Page 1TOTAL ASSETSLIABILITIES AND EQUITYCurrent LiabilitiesTotal current liabilitiesLong Term LiabilitiesTotal liabilitiesEquityTotal equityTOTAL LIABILITIES AND EQUITY

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Surf, Inc. Post-Closing Trial Balance January 1, 2021 (in thousands) DR CR Cash and cash equivalents $ 20,289 Short-term marketable securities 53,892 Accounts receivable, allowance of $65 and $48, respectively 21,568 Inventories 37,223 Vendor and nontrade receivables 28,568

Surf, Inc. Post-Closing Trial Balance January 1, 2021 (in thousands) DR CR Cash and cash equivalents $ 20,289 Short-term marketable securities 53,892 Accounts receivable, allowance of $65 and $48, respectively 21,568 Inventories 37,223 Vendor and nontrade receivables 28,568

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9E: Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton...

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