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
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$ 3,180
|
|
Retained earnings
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129,950
|
|
Deferred income tax liability (long term)
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24,000
|
|
Long-term debt
|
99,870
|
|
Accounts payable
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35,000
|
|
Buildings
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75,000
|
|
Machinery and equipment
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300,000
|
|
Land
|
11,000
|
|
Accumulated depreciation
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200,000
|
|
Cash
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3,000
|
|
Receivables, less allowance of $3,000
|
58,000
|
|
Accrued income taxes
|
3,000
|
|
Inventory
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54,000
|
|
Other accrued expenses
|
8,000
|
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Current portion of long-term debt
|
7,000
|
|
Prepaid expenses
|
2,000
|
|
Other assets (long term)
|
7,000
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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.