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 $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

Prepare Trident's classified balance sheet. (Enter the answers in thousands of dollars.)

	TRIDENT CORPORATION Balance Sheet ($ in 000s) At December 31, 2021 Assets Current assets: Total current assets 0 Investments: Property, plant, and equipment Total assets $0 Liabilities and Shareholders' Equity Current liabilities: Total current liabilities 0 Long-term liabilities: Total liabilities 0 Shareholders’ equity Total shareholders’ equity 0 Total liabilities and shareholders’ equity $0

Answer 1

Following is the determined balances

Inventory = Total Current Asset - (Cash+Investment+Accounts Receivable + Prepaid Exp)

Accounts Payable = Total Current Liability - (Note Payable + Accrued Liability + Other Currenr Liablity)

Long Term Debt = Total Liability - Total Current Liability

Total Libaility and Equity = Total Liability + Common Stock + Retained Earnings

Total Asset = Total Liability + Total Equity

Net Equipment = Total Asset - Total Current Asset

Trident Corporation
Balance Sheet
At December 31, 2021
Assets
Current Assets
Cash	258,286
Short Term Investemnt	373,700
Accounts Receivable	524,944
Inventory	534,738
Prepaid Expense	103,259
Total Current Assets	1,794,927
Equipment Net	931,840
Total Asset	2,726,767
Notes Payable	51,116
Accounts Payable	19,072
Accrued Liabilities	441,772
Other Current Liabilities	201,604
Total Current Liabilities	713,564
Long Term Debt	442,576
Total Liabilities	1,156,140
Common Stock	570,627
Retained Earnings	1,000,000
Total Liabilities and Equity	2,726,767

2)

As per your requiremnt the balancesheet as follows as per your format

Trident Corporation
Balance Sheet
At December 31, 2021
Current Assets
Total Current Assets	1,794,927
Equipment Net	931,840
Total Assets	2,726,767
Liabilities and Equity
Current Liabilities
Total Current Liabilities	713,564
Long Term Debt	442,576
Total Liabilities	1,156,140
Common Stock	570,627
Retained Earnings	1,000,000
Total Equity	1,570,627
Total Liabilities and Equity	2,726,767