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Construct a balance sheet given the following information:  Inventory = $5800; Long-term debt = $7800; Common stock...

  1. Construct a balance sheet given the following information:  Inventory = $5800; Long-term debt = $7800; Common stock = $4990; Accounts payable = $1800; Retained earnings = $1370;  Cash = $1300;  Accumulated depreciation = $2020;  Accounts receivable = $2480;  Property and Equipment = $8400.

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Expert Solution

Balance sheet as on Dec 31 .....

Assets
Cash                      1,300
Accounts Receivable                      2,480
Inventory                      5,800
Total Current Assets                     9,580
Property and Equipment                      8,400
Accumulated depreciation                    (2,020)
Net Fixed Assets                     6,380
Total Assets                    15,960
Liabilities
Accounts Payable                      1,800
Total Current Liabilities                     1,800
L.T.Debt                     7,800
Common Stock 4990
Retained Earnings 1370
Equity                     6,360
Total Liabilities & Equity                    15,960

jeff jeffy answered 2 years ago
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