Question

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $127,000; Patents and copyrights = $660,000; Accounts payable = $210,000; Accounts receivable = $115,000; Tangible net fixed assets = $1,610,000; Inventory = $286,000; Notes payable = $155,000; Accumulated retained earnings = $1,368,000; Long-term debt = $830,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.)

Answer 1

ROGERS CORP.
BALANCE SHEET
ASSETS	AMOUNT	LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT
CURRENT ASSETS:		LIABILITIES:
Cash	$           1,27,000	Account Payable	$                 2,10,000
Account Receivable	$           1,15,000	Notes Payable	$                 1,55,000
Inventory	$           2,86,000
		Long Term Debt	$                 8,30,000
FIXED ASSETS:
Patent & Copyrights	$           6,60,000	SHAREHOLDER'S EQUITY
Tangible and Net Fixed Assets	$         16,10,000	Common Shareholder's Equity	$                 2,35,000
		Accumulated Retained Earnings	$               13,68,000
TOTAL OF ASSETS	$         27,98,000	TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY	$               27,98,000
Note:
Common Shareholder's Equity = Total Assets - (Liabilties - Long Term Debt - Retained Earning )
Common Shareholder's Equity = $ 2,798,000 - $ 2,563,000
Common Shareholder's Equity = $ 235,000