The following items were taken from the financial statements of D. Gygi Company. (All amounts are in thousands.)Long-term debt $1,000 Accumulated depreciation—equipment $5,655Prepaid insurance 880 Accounts payable 1,444Equipment 11,500 Notes payable (due after 2020) 400Stock investments (long-term) 264 Common stock 10,000Debt investments (short-term) 3,690 Retained earnings 2,955Notes payable (due in 2020) 500 Accounts receivable 1,696Cash 2,668 Inventory 1,256Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts in thousands. List Current Assets in order of liquidity.)

Solution:- Preparation of a classified balance sheet in good form as of December 31, 2019 as…

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SWFT Individual Income Taxes

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ISBN:9780357391365

Author:YOUNG

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Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 51P

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The following items were taken from the financial statements of D. Gygi Company. (All amounts are in thousands.)

Long-term debt	$1,000	Accumulated depreciation—equipment	$5,655
Prepaid insurance	880	Accounts payable	1,444
Equipment	11,500	Notes payable (due after 2020)	400
Stock investments (long-term)	264	Common stock	10,000
Debt investments (short-term)	3,690	Retained earnings	2,955
Notes payable (due in 2020)	500	Accounts receivable	1,696
Cash	2,668	Inventory	1,256

Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts in thousands. List Current Assets in order of liquidity.)

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