The Following Items Were Taken from the Financial Statements of Buttercup

question 236

Essay

The following items were taken from the financial statements of Buttercup Company. (All dollars are in thousands.) $$\begin{array} { l r l r } \text { Mortgage payable } & \$ 2,443 & \text { Accumulated depreciation } & 3,655 \\\text { Prepaid insurance } & 880 & \text { Accounts payable } & 1,444 \\\text { Property, plant, and equipment } & 11,500 & \text { Notes payable after 2019 } & 1,200 \\\text { Long-term investments } & 1,100 & \text { Common stock } & 5,000 \\\text { Short-term investments } & 3,690 & \text { Retained earnings } & 8,480 \\\text { Notes payable in } 2019 & 1,000 & \text { Accounts receivable } & 1,696 \\\text { Cash } & 2,600 & \text { Inventories } & 1,756\end{array}$$ Instructions
Prepare a classified balance sheet in good form as of December 31, 2018.

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Definitions:

Tibia

The inner and typically larger of the two bones between the knee and the ankle in vertebrates, parallel with the fibula.

Friction

The resistance that one surface or object encounters when moving over another.

Scales

Small, rigid plates that grow out of an animal's skin to provide protection. In fish and reptiles, scales perform this protective function.

Adaptation

The process by which organisms adjust to changes in their environment in order to survive and reproduce.