Explore BrainMass

Accounting: Creating a Balance Sheet

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

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.

Solution Preview

Dear student,

** Please see the attached file for the complete solution response **

Balance sheet
Liabilities Assets
current liabities current assets
Accounts payable 35000 cash 3000
Accrued ...

Solution Summary

This solution provides a detailed, step by step explanation of the given accounting problem.