Question

As published in its annual report, the consolidated balance sheet of Packers includes the items shown below (listed alphabetically).

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Part a

Determine the values for the missing items.

Accounts Payable	$enter a dollar amount
Accounts Receivable	$9,858
Capital in excess of par value	$180,629
Cash	$79,397
Common stock at par value	$357
Inventory	$enter a dollar amount
Long-term liabilities	$8,529
Notes payable	$12,416
Other assets	$27,737
Other liabilities	$67,002
Property, plant, and equipment	$103,684
Retained earnings	$28,021
Total assets	$351,596
Total liabilities	$enter a dollar amount
Total liabilities and net worth	$enter a dollar amount
Total net worth	$enter a dollar amount

part b

prepare a balance sheet for packers

please do both parts

Answer 1

Answers:

Part A:

I) Calculation of Inventory:

Inventory = Total assets - cash - Accounts receivable - other assets - Property, plant, and equipment

Inventory = $351,596 - $79,397 - $9858 - $27,737 - $103.596

Inventory = $130,920

2) Calculation of total liablities

Total liabilities = Total Assets - Capital

Here,

Total assets = $351,596

Capital = Common stock at par value + Capital in excess of par value + Retained Earnings

= $357 + $180,629 + $28,021

= $209,007

Therefore,

Total liabilities = $351,596 - $209,007

Total liabilities = $142,589

3) Calculation of accounts payable:

Accounts payable = Total liabilities - Notes payable - long term liabilities - Other liabilities

Accounts payable = $142,589 - $12,416 - $8,529 - $67,002

Accounts payable = $54,642

4) Total net worth

Total net worth = Total Assets - Total Liabilties

= $351,596 - $142,589

= $209,007

5) Total liabilities and net worth

= Total liabilities + net worth

= $142,589 + $209,007

=$351,596

.

Part B:

BALANCE SHEET
ASSETS		LIABILITIES
Current assets:		Current liabilities:
Cash	$79,397	Accounts payable	$54,642
Inventory	$130,920	Notes payable	$12,416
Accounts receivable	$9,858	Other liabilities	$67002
Total current assets	$220,175	Total current liabilities	$134,060
Fixed assets:		Long-term liabilities	$8,529
Property, plant, and equipment	$103,684
		Total liabilities	$142,589
		Capital
		Common Stock:
		Common stock at par value	$357
		Capital in excess of par value	$1,80,629
		Retained earnings	$28,021
		Total capital	$209,007
Total Assets	$351,596	Total liabilities and capital	$351,596