ent CALCULATOR FULL SC Exercise 416 The following items were

ent CALCULATOR FULL SC Exercise 4-16 The following items were taken from the financial statements of D. Gygi Company. (All amounts are in thousands.) Long-term debt Prepaid insurance Equipment Stock investments (long-term) 264 Common stock Debt investments (short-term) 3,690 Retained earnings Notes payable (due in 2020) Cash $1,000 Accumulated depreciation-equipment $5,655 880 Accounts payable Notes payable (due after 2020) 1,444 400 10,000 2,955 1,696 1,256 11,500 500 Accounts receivable 2,668 Inventory Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts in thousands. List Current D. Gygi Company Balance Sheet December 31, 2019 Assets Current Assets Cash 2668

Solution

Balance Sheet Assets Current assets: Cash 2668 Accounts rfeceivable 1696 Inventory 1256 Prepaid insurance 880 Debt investment (short term) 3690 Total Current assets 10190 Stock Investment-Long term 264 Plant property and equipment: Equipment 11500 Less: Acumulated depreciation 5655 5845 Total Assets 16299 Liabilities and Stockholder\'s equity: Current liabilities: Accounts payable 1444 Notes payable 500 1944 Long term liabilities Long term debt 1000 Notes payable 400 1400 Total Liabilities 3344 Stockholder\'s equity Common Stock 10000 Retained earning 2955 Total Stockholder\'s equity 12955 Total Liabilities and Stockholder\'s equity 16299