Classifications of current assets

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Reference no: EM13531010

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

$ 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.

Reference no: EM13531010

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