Question

eBook

Problem 9-02

Given the following information, construct the firm’s balance sheet:

Cash and cash equivalents	$	730,000
Accumulated depreciation on plant and equipment		660,000
Plant and equipment		4,200,000
Accrued wages		330,000
Long-term debt		4,430,000
Inventory		7,170,000
Accounts receivable		3,980,000
Preferred stock		440,000
Retained earnings		8,530,000
Land		2,230,000
Accounts payable		1,540,000
Taxes due		150,000
Common stock	$	16 par
Common shares outstanding		115,000
Current portion of long-term debt	$	390,000

Round your answers to the nearest dollar.

Corporation X
Balance Sheet as of XX/XX/XX
Assets				Liabilities and Owners' Equity
Cash and cash equivalents	$			Accounts payable	$
Accounts receivable				Taxes due
Inventory				Accrued wages
Total current assets	$			Current portion of long-term debt	$
Land				Total current liabilities
Plant and equipment				Long-term debt
				Preferred stock
				Common stock
				Retained earnings
				Total shareholders’ equity
Total assets	$			Total liabilities and shareholders’ equity	$

Please take your time with this one and get them all right. WARNING!: You get one of them wrong then the whole thing becomes wrong, even if it is right the system will count it all wrong, so please becareful.

Answer 1