Question

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $290,000; Patents and copyrights = $740,000; Accounts payable = $530,000; Accounts receivable = $129,000; Tangible net fixed assets = $4,700,000; Inventory = $265,000; Notes payable = $180,000; Accumulated retained earnings = $1,255,000; Long-term debt = $1,630,000. What is the common stock account balance for the company?

Answer 1

Cash	$       290,000
Patents and copyrights	$       740,000
Accounts payable	$     (530,000)
Accounts receivable	$       129,000
Tangible net fixed assets	$   4,700,000
Inventory	$       265,000
Notes payable	$     (180,000)
Long-term debt	$ (1,630,000)
Accumulated retained earnings	$ (1,255,000)
common stock account balance	$   2,529,000