Question

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $390,000 Patents and copyrights = $760,000; Accounts payable = $520,000; Accounts receivable = $149,000; Tangible net fixed assets = $4,800,000; Inventory = $315,000; Notes payable = $180,000; Accumulated retained earnings = $1,325,000; Long-term debt = $1,430,000. What is the common stock account balance for the company?

Answer 1

ROGERS CORP
Balance Sheet
ASSETS		LIABILITIES and EQUITY
Cash	$ 390,000	Accounts payable	$ 520,000
Accounts receivable	$ 149,000	Notes payable	$ 180,000
Inventory	$ 315,000	Current Liabilities	$ 700,000
Current Assets	$ 854,000	Long term debt	$ 1,430,000
Tangible net fixed assets	$ 4,800,000	Total liabilities	$ 2,130,000
Intangible net fixed assets	$ 760,000	Common stock	$ 2,959,000
		Accumulated retained earnings	$ 1,325,000
Total Assets	$ 6,414,000	Total Liabilities and owner's equity	$ 6,414,000

Common stock is computed as follows:

Total Liabilities and owner's equity = Total Liabilities + Common stock + Accumulated retained earnings

$ 6,414,000 = $ 2,130,000 + common stock + $ 1,325,000

Common stock = $ 2,959,000

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