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    Accounting: Creating a Balance Sheet

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    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.

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

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