P 3-2 The following information was obtained from the accounts of Lukes, Inc., a
ID: 2453244 • Letter: P
Question
P 3-2 The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2012. It is presented in scrambled order. 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. Common stock, no par value, 10,000 shares authorized, 5,724 shares issued 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
Explanation / Answer
Answer: Classified Balance sheet as on 31-Dec-2012 Particulars Amount Assets Current Assets Cash $3,000 Receivables $58,000 Inventory $54,000 Prepaid expenses $2,000 Total current assets $117,000 Fixed Assets: Building $75,000 Machinery and equipment $300,000 Land $11,000 Total Fixed assets $386,000 Other Assets $7,000 Less: Accumulated depreciation $200,000 Total Assets $310,000 Liabilities & Stockholders' equity Liabilities: Current Liabilities: Accounts payable $35,000 Other accrued expenses $8,000 Accrued income tax $3,000 Current portion of long-term debt $7,000 Total current liabilities $53,000 Long-term liabilities: Long-term debt $99,870 Deferred income tax liability $24,000 Total long-term liabilities $123,870 Stockholders equity: Common stock issued 57240 shares @ $3,180 $3,180 Retained earnings $129,950 Total stockholders' equity $133,130 Total Liabilities $310,000
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