Prepare a balance sheet given the following information for Alaskan Orange Corp.
ID: 2673518 • Letter: P
Question
Prepare a balance sheet given the following information for Alaskan Orange Corp. as of December 31, 2010: cash = $212,000; patents and copyrights = $866,000; accounts payable = $277,000; accounts receivable = $272,000; tangible net fixed assets = $5,290,000; inventory = $557,000; notes payable = $170,000; accumulated retained earnings = $4,776,000; long-term debt = $1,060,000. (Do not include the dollar signs ($).)Explanation / Answer
(a)cash: 212,000 (a)patnets and copyrights: 866,000 (l)accounts payable: 277,000 (a)accounts receivable: 272,000 (a)tangible net fixed assets: 5,290,000 (a)inventory: 557,000 (l)notes payable: 170,000 (l)accumulated retain: 4,776,000 (l)long-term debt: 1,060,000 The result I caculated is: Total assets --> $7,197,000 Total L and Owner's equity --> $6,283,000 these numbers dont balance because it is missing the common stock