Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $300,000;...

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $300,000; Patents and copyrights = $790,000; Accounts payable = $390,000; Accounts receivable = $159,000; Tangible net fixed assets = $3,100,000; Inventory = $195,000; Notes payable = $180,000; Accumulated retained earnings = $1,215,000; Long-term debt = $1,430,000. What is the common stock account balance for the company? ( show your work please)

Multiple Choice

$1,329,000

$1,129,000

$1,791,000

$1,529,000

$1,689,000

Expert Solution

Common stock=total assets-total liabilities-accumulated retained earnings

Total assets=cash+patents and copy right+accounts receivables+tangible net fixed assets+inventory=300,000+790,000+159,000+3,100,000+195,000=4544000

Total liabilities=accounts payables+notes payables+long term debt=390,000+180,000+1430000=2,000,000

Common stock=4544000-2000000-1215000=1329000

Option A is correct

jeff jeffy answered 2 years ago

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