The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2008. 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.