Question

Prepare a balance sheet for Alaskan Peach Corp. as of December 31, 2019, based on the...

Prepare a balance sheet for Alaskan Peach Corp. as of December 31, 2019, based on the following information: cash = $203,000; patents and copyrights = $857,000; accounts payable = $286,000; accounts receivable = $263,000; tangible net fixed assets = $5,200,000; inventory = $548,000; notes payable = $179,000; accumulated retained earnings = $4,686,000; long-term debt = $1,150,000. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

Homework Answers

Answer #1

The balance sheet is presented as shown below:

Liabilities and Shareholder's Equity Amount Assets Amount
Shareholder's Equity* $ 770,000 Cash $ 203,000
Accumulated retained earnings $ 4,686,000 Accounts receivable $ 263,000
Account Payable $ 286,000 Patent and copyrights $ 857,000
Notes payable $ 179,000 Inventory $ 548,000
Long term debt $ 1,150,000 Fixed Assets $ 5,200,000
Total Liabilities and Shareholder's Equity $ 7,071,000 Total Assets $ 7,071,000

Shareholder's Equity is computed as follows:

= Total Assets - Accumulated retained earnings - Account Payable - Notes payable - Long term debt

= $ 7,071,000 - $ 4,686,000 - $ 286,000 - $ 179,000 - $ 1,150,000

= $ 770,000

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