Accounting

The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2012:

Accounts payable $ 18,255 liability Income taxes payable$6,200

Accounts receivable 23,450 asset Interest payable 1,500 liability

Accumulated depreciation—automobiles 22,500 asset Inventory 45,730 asset

Accumulated depreciation—buildings 40,000 asset Long-term investments 85,000 liability

Automobiles 112,500 asset Notes payable, due June 30, 201310,000 liability

Bonds payable, due December 31,2016 160,000 liability Office supplies 2,340 asset

Buildings 200,000 asset Paid-in capital in excess of par value 50,000 stockholder equity

Capital stock, $10 par value 150,000 stockholder equity Patents 40,000 asset

Cash 13,230 asset Prepaid rent 1,500 asset

Land 250,000 asset Retained earnings 311,095 stockholders equity

Salaries and wages payable 4,200 liability

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

Ruths Cooperation

Balance Sheet

as of December 31, 2012

(In thousands of dollars)

Assets

Current Assets:

Cash 13,230

Accounts receivable 23,450

Inventory 45,730

Office supplies 2,340

Prepaid rent 1,500

Total current assets $86,250

Property, plant, and equipment:

Land 250,000

Buildings $200,000

Accumulated depreciation buildings 40,000 160,000

Automobiles $112,500

Accumulated depreciation—automobiles 22,500 90,000

Total property, plant, equipment 500,000

Total Assets $586,250

Liabilities

Current Liabilities:

Accounts payable $ 18,255

Income taxes payable $ 6,200

Interest payable 1,500

Salaries and wages payable 4,200

Notes payable, due June 30, 2013 10,000

Total current liabilities $40,155

Long-term investments 85,000...