Prepare a 2011 balance sheet for Cornell Corp. based on the following informatio
ID: 2640564 • Letter: P
Question
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $145,000; patents and copyrights = $630,000; accounts payable = $222,000; accounts receivable = $135,000; tangible net fixed assets = $1,665,000; inventory = $302,000; notes payable = $130,000; accumulated retained earnings = $1,242,000; long-term debt = $863,000.
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $145,000; patents and copyrights = $630,000; accounts payable = $222,000; accounts receivable = $135,000; tangible net fixed assets = $1,665,000; inventory = $302,000; notes payable = $130,000; accumulated retained earnings = $1,242,000; long-term debt = $863,000.
Explanation / Answer
Balance Sheet for Cornell Corp. year ending 2011 Liabilities Amount($) Amount($) Assets Amount($) Amoumt($) Equity - Owner's Fund Fixed Assets:- a)Share Capital (Bal Figure) 420000 a)Tangible net Fixed Assets 1665000 b)Acc. Retained Earnings 1242000 1662000 b)Patents & Copyrights - Intangibe 630000 2295000 Non Current Liabilities:- a)Long Term Debt 863000 863000 Current Assets:- a)Cash 145000 Current Liabilities:- b)Inventory 302000 a)Accounts Payable 222000 c)Accounts Receivable 135000 582000 b)Notes Payable 130000 352000 Total 2877000 Total 2877000