The following items were taken from the financial statements of pina colada company. (all amounts are in thousands.)long-term debt $1,000 accumulated depreciation—equipment $5,100 prepaid insurance 750 accounts payable 1,400 equipment 11,800 notes payable (due after 2020) 500 stock investments (long-term) 300 common stock 10,750 debt investments (short-term) 3,500 retained earnings 3,100 notes payable (due in 2020) 400 accounts receivable 2,200 cash 2,200 inventory 1,500 prepare a classified balance sheet in good form as of december 31,2019.

2019Balance Sheet

$2,200,000Cash

$2,200,000Accounts Receivable

$750,000Prepaid Insurance

$3,500,000Debt Investment

$1,500,000Inventory

$10,150,000  TOTAL CURRENT ASSETS  

$11,800,000Equipment

-$5,100,000Accum Depreciation

$300,000Stock Investment

$7,000,000  TOTAL NONCURRENT ASSETS  

$17,150,000  TOTAL ASSETS  

$1,400,000  Accounts Payable  

$400,000  Notes Payable  

$1,800,000  TOTAL CURRENT LIABILITIES  

$500,000  Notes Payable  

$1,000,000  Long Term Debt  

$1,500,000  TOTAL NONCURRENT LIABILITIES  

$3,300,000  TOTAL LIABILITIES  

$10,750,000  Common Stock  

$3,100,000  Retained Earnings  

$13,850,000  TOTAL EQUITY  

$17,150,000  TOTAL EQUITY + LIABILITIES  

Explanation:

Account of Current Assets , the criteria is to have a liquidity speed less of one year

Cash

Accounts Receivable

Prepaid Insurance

Debt Investment

Inventory

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets

Equipment

Accum Depreciation

Stock Investment

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year

Accounts Payable  

Notes Payable Short Term  

Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing

Notes Payable Long Term  

Long Term Debt  

Account of Total Equity

Common Stock  

Retained Earnings  

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