Question

The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021.

Required:
1. Determine the missing amounts.
2. Prepare Trident's classified balance sheet.

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2

Determine the missing amounts. (Enter the answers in thousands of dollars.)

($ in 000s) Cash and cash equivalents $258,286 Short-term investments 373,700 Accounts receivable 524,944 Inventory Prepaid expenses (current) 103,259 Total current assets 1,794,927 Long-term receivables 130,800 Equipment (net) Total assets Notes payable (current) 51,116 Accounts payable Accrued liabilities 441,772 Other current liabilities 201,604 Total current liabilities 713,564 Long-term debt Total liabilities 1,156,140 Common stock 570,627 Retained earnings 1,000,000

Answer 1

1.

Total current assets	$   1,794,927
Less: Cash and cash equivalents	$    (258,286)
Less: Short-term investments	$    (373,700)
Less: Accounts receivable	$    (524,944)
Less: Prepaid expenses (current)	$    (103,259)
Inventory	$      534,738

Total liabilities	$   1,156,140
Less: Total current liabilities	$    (713,564)
Long-term debt	$      442,576

Total current liabilities	$      713,564
Less: Other current liabilities	$    (201,604)
Less: Accrued liabilities	$    (441,772)
Less: Notes payable (current)	$      (51,116)
Accounts payable	$        19,072

Total liabilities	$   1,156,140
Add: Common stock	$      570,627
Add: Retained earnings	$   1,000,000
Total assets	$   2,726,767

Total assets	$    2,726,767
Less: Total current assets	$ (1,794,927)
Less: Long-term receivables	$     (130,800)
Equipment (net)	$        801,040

2.

Trident Corporation
balance sheet ($ in 000s)
As at December 31, 2021
Assets
Current assets
Cash and cash equivalents	$      258,286
Short-term investments	$      373,700
Accounts receivable	$      524,944
Inventory	$      534,738
Prepaid expenses	$      103,259
Total current assets		$   1,794,927
Non- current assets
Long-term receivables		$      130,800
Property, plant and equipment
Equipment (net)		$      801,040
Total assets		$   2,726,767
Liabilities and Stockholders equity
Current liabilities
Notes payable	$        51,116
Accounts payable	$        19,072
Accrued liabilities	$      441,772
Other current liabilities	$      201,604
Total current liabilities		$      713,564
Non-current liabilities
Long-term debt		$      442,576
Total liabilities		$   1,156,140
Stockholders equity
Common stock	$      570,627
Retained earnings	$   1,000,000
Total stockholders equity		$   1,570,627
Total liabilities and stockholders equity		$   2,726,767

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