Question

Determine the common stock for Bertinelli Corp. based on the following information: cash = $240,000; patents and copyrights = $720,000; accounts payable = $520,000; accounts receivable = $129,000; tangible net fixed assets = $4,300,000; inventory = $255,000; notes payable = $180,000; accumulated retained earnings = $1,195,000; long-term debt = $1,530,000.

Answer 1

Assets:

Cash = 240000

Patents and Copyrights = 720000

Receivable =129000

Tangible net fixed asset = 4300000

Inventory = 255000

Total Assets = 5644000

Liabilities:

Accounts Payable = 520000

Notes Payable = 180000

Longterm debt = 1530000

Total Liabilities = 2230000

Shareholder Equity;

Retained Earning = 1195000

Common Stock = X

Total = X + 1195000

Asset - Liability = Shareholder Equity

5644000 - 2230000 = X + 1195000

Common Stock = 2219000 Answer

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