Prepare a 2015 balance sheet for Cornell Corp. based on the following informatio
ID: 2649333 • Letter: P
Question
Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash = $134,000; patents and copyrights = $630,000; accounts payable = $214,000; accounts receivable = $157,500; tangible net fixed assets = $1,635,000; inventory = $296,500; notes payable = $135,000; accumulated retained earnings = $1,264,000; long-term debt = $852,000.
Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash = $134,000; patents and copyrights = $630,000; accounts payable = $214,000; accounts receivable = $157,500; tangible net fixed assets = $1,635,000; inventory = $296,500; notes payable = $135,000; accumulated retained earnings = $1,264,000; long-term debt = $852,000.
Explanation / Answer
liabilities:
long term debt= $852,000
notes payable= $135,000
accounts payable= $214,000
accumulated retained earnings= $1,264,000
assets:
tangible and fixed assets= $1,635,000
inventory= $296,000
patients and copy rights= $630,000
accounts recievable= $157,000
cash= $134,000
the total assets and liabilites are not matching here.