Question

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $142,000; Patents and copyrights = $630,000; Accounts payable = $219,500; Accounts receivable = $162,500; Tangible net fixed assets = $1,655,000; Inventory = $300,500; Notes payable = $115,000; Accumulated retained earnings = $1,248,000; Long-term debt = $860,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.)

Answer 1

Preapring the 2018 balance sheet for Rogers Corp.:-

Assets	2018
Cash	142,000.00
Accounts receivables	162,500.00
Inventory	300,500.00
Current Assets	605,000.00
Tangible net fixed assets	630,000.00
Patents and copyrights	1,655,000.00
Total Assets	2,890,000.00
Liabilities and Equity
Accounts payable	219,500.00
Notes Payable	115,000.00
Total Current laibilities	334,500.00
Long-term Debt	860,000.00
Owner's equity
Common Stock (Balancing Fig- Note 1)	447,500.00
Accumulated Retained earnings	1,248,000.00
Total Shareholder's Equity	1,695,500.00
Total Liabilities and Equity	2,890,000.00

- Total Assets = Total liabilities & equities

Note - 1Common Stock = Total liabilities & equities - Current Liabilities - Long term Debt -  Accumulated Retained earnings

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