Prepare a 2015 balance sheet for Cornell Corp. based on the following informatio
ID: 2726850 • 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. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.)
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 = $852,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.)
Explanation / Answer
Balance Sheet
Assets Amount($) Current Assets CAsh $134000 Accounts Receivable $157500 Inventory $296500 Total Current Assets $588000 Fixed Assets Tagible Net Fixed Assets $1635000 PAtenta and Copyright $630000 Total Assets $2853000 Total Liabilities Current Liabilities Accounts Payable $214000 Notes payalbe $135000 Long term Liabilites long term debt $852000 Co $388000 Accumulated Retained Earnings $1264000 Total Liabilities and Owners Equity $2853000