Question

Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash = $134,000; patents and copyrights = $670,000; account payable = $210,000; accounts receivable = $105,000; tangible net fixed assets = $1’730,000; inventory = $293,000; notes payable = $160,000; accumulated retained earnings = $1’453,000; long-term debt = $845,000.

Answer 1

Liabilities	Amount	Assets	Amount
Equity	$17,17,000.00	Fixed Assets	$ 24,00,000.00
Capital ( Bal Value )	$   2,64,000.00	Tangible Net Fixed Assets	$ 17,30,000.00
Accumulated Earnings	$ 14,53,000.00	Intangible Assets	$    6,70,000.00
Long Term debt	$   8,45,000.00
Current liabilities	$   3,70,000.00	Current Assets	$   5,32,000.00
Accounts payable	$   2,10,000.00	Cash	$    1,34,000.00
Notes payable	$   1,60,000.00	Accounts Receivable	$    1,05,000.00
		Inventory	$    2,93,000.00
Total Liabilities	$29,32,000.00	Total Assets	$ 29,32,000.00