The following items were taken from the financial statements of Buttercup Company. (All dollars are in thousands.) Mortgage payable $2,443 Accumulated depreciation $3,655 Prepaid insurance 880 Accounts payable 1,444 Property, plant, and equipment 11,500 Notes payable after 2019 1,200 Long-term investments 1,100 Common stock 5,000 Short-term investments 3,690 Retained earnings 8,480 Notes payable in 2019 1,000 Accounts receivable 1,696 Cash 2,600 Inventories 1,756
The following items were taken from the financial statements of Buttercup Company. (All dollars are in thousands.) Mortgage payable $2,443 Accumulated depreciation $3,655 Prepaid insurance 880 Accounts payable 1,444 Property, plant, and equipment 11,500 Notes payable after 2019 1,200 Long-term investments 1,100 Common stock 5,000 Short-term investments 3,690 Retained earnings 8,480 Notes payable in 2019 1,000 Accounts receivable 1,696 Cash 2,600 Inventories 1,756
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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The following items were taken from the financial statements of Buttercup Company. (All dollars are in thousands.)
| Mortgage payable | $2,443 | $3,655 | ||||
| Prepaid insurance | 880 | Accounts payable | 1,444 | |||
| Property, plant, and equipment | 11,500 | Notes payable after 2019 | 1,200 | |||
| Long-term investments | 1,100 | Common stock | 5,000 | |||
| Short-term investments | 3,690 | 8,480 | ||||
| Notes payable in 2019 | 1,000 | Accounts receivable | 1,696 | |||
| Cash | 2,600 | Inventories | 1,756 |
Prepare a classified balance sheet in good form as of December 31, 2018. (Enter amounts in thousands. List current assets in order of liquidity.)
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