Prepare a classified balance sheet in good form as of December 31, 2012. 1 answer below »

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The following items were taken from the financial statements of M. Wright Company. (All dollars are in thousands.)

Long-term debt

$ 1,000

Accumulated depreciation

5,655

Prepaid insurance

880

Accounts payable

1,444

Equipment

11,500

Notes payable (due after 2013)

400

Long-term investments

264

Owner’s capital

12,955

Short-term investments

3,690

Accounts receivable

1,696

Notes payable (due in 2013)

500

Inventory

1,256

Cash

$ 2,668

Instructions

Prepare a classified balance sheet in good form as of December 31, 2012.

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