Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $290,000;...

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $290,000; Patents and copyrights = $710,000; Accounts payable = $430,000; Accounts receivable = $179,000; Tangible net fixed assets = $3,900,000; Inventory = $345,000; Notes payable = $180,000; Accumulated retained earnings = $1,295,000; Long-term debt = $1,930,000. What is the common stock account balance for the company?

Expert Solution

Balance Sheet given below

Working notes:-

Assets = Cash + Patents and copyright + Account receivable + Tangible net fixed asset + inventory

= 127,000 + 660,000 + 115,000 + 1,610,000 + 286,000

= $2,798,000

Liabilities + equity = Account payable + Notes payable + Accumulated retained earings + long term debt

= 210,000 + 155,000 + 1,368,000 + 830,000

= $2,563,000

Accounting equation

Asset = liabilities + equity

2,798,000 = 2,563,000

Therefore, the difference between the R.H.S and L.H.S side of the equation is the common stock.

Common stock = 2,798,000 - 2,563,000

= $235,000

jeff jeffy answered 1 year ago

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