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.

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

($ in 000s) Cash and cash equivalents $248,286 Short-term investments 363,700 Accounts receivable 514,944 Inventory Prepaid expenses (current) 93,259 Total current assets 1,694,927 Long-term receivables 120,800 Equipment (net) Total assets Notes payable (current) 41,116 Accounts payable Accrued liabilities 431,772 Other current liabilities 191,604 Total current liabilities 703,564 Long-term debt Total liabilities 1,056,140 Common stock 470,627 Retained earnings 1,000,000

Answer 1

Requirement 1:

Total current assets		$1,694,927
Less:
Cash and cash equivalents	$248,286
Short-term investments	$363,700
Accounts receivable	$514,944
Prepaid expenses (current)	$93,259	$1,220,189
Inventory		$474,738
Total liabilities	$1,056,140
Less: Total current liabilities	$703,564
Long-term debt	$352,576
Total current liabilities		$703,564
Less:
Notes payable (current)	$41,116
Accrued liabilities	$431,772
Other current liabilities	$191,604	$664,492
Accounts payable		$39,072
Total liabilities	$1,056,140
Common stock	$470,627
Retained earnings	$1,000,000
Total liabilities and stockholder's equity	$2,526,767
Total assets		$2,526,767
Less:
Total current assets	$1,694,927
Long-term receivables	$120,800	$1,815,727
Equipment (net)		$711,040

Requirement 2:

Trident Corporation
Balance Sheet
At December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$248,286
Short-term investments	$363,700
Accounts receivable	$514,944
Inventory	$474,738
Prepaid expenses (current)	$93,259
Total current assets		$1,694,927
Investments:
Long-term receivables		$120,800
Property,plant and equipment:
Equipment (net)		$711,040
Total assets		$2,526,767
Liabilities and stockholders' equity
Current liabilities:
Notes payable (current)	$41,116
Accounts payable	$39,072
Accrued liabilities	$431,772
Other current liabilities	$191,604
Total current liabilities		$703,564
Long-term debt		$352,576
Total liabilities		$1,056,140
Stockholders' Equity:
Common stock	$470,627
Retained earnings	$1,000,000
Total stockholders' equity		$1,470,627
Total liabilities and stockholders' equity		$2,526,767