Prepare a 2011 balance sheet for Cornell Corp. based on the following informatio
ID: 2644887 • Letter: P
Question
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $142,000; patents and copyrights = $630,000; accounts payable = $219,500; accounts receivable = $162,500; tangible net fixed assets = $1,655,000; inventory = $300,500; notes payable = $115,000; accumulated retained earnings = $1,248,000; long-term debt = $860,000. (Be sure to list the accounts in order of their liquidity.) **** only need help answering Common stock and Total liabilities & Owners equity
Assets
Cash- 142000
Accounts receivable- 162500
Inventory- 300, 500
Current assests-605000
tangible net fixed assets- 1655000
Intangible net fixed assets- 630000
Total assets- 2890000
Liabilities
Accounts payable- 219500
Notes payable-115,000
Current liabilities- 334500
Long-term debt- 860,000
Total liabilities-1194500
Common stock???????
Accumulated retained earnings- 1248000
Total Liabilities & owners' equity???
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $142,000; patents and copyrights = $630,000; accounts payable = $219,500; accounts receivable = $162,500; tangible net fixed assets = $1,655,000; inventory = $300,500; notes payable = $115,000; accumulated retained earnings = $1,248,000; long-term debt = $860,000. (Be sure to list the accounts in order of their liquidity.) **** only need help answering Common stock and Total liabilities & Owners equity
Assets
Cash- 142000
Accounts receivable- 162500
Inventory- 300, 500
Current assests-605000
tangible net fixed assets- 1655000
Intangible net fixed assets- 630000
Total assets- 2890000
Liabilities
Accounts payable- 219500
Notes payable-115,000
Current liabilities- 334500
Long-term debt- 860,000
Total liabilities-1194500
Common stock???????
Accumulated retained earnings- 1248000
Total Liabilities & owners' equity???
Explanation / Answer
Explanation:
Total liabilities and owner's equity = total assets = 2,890,000
By formula
Total liabilities and owners