Question

The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2018.

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 $250,286 Short-term investments 365,700 Accounts receivable (net of allowance) 516,944 Inventories Prepaid expenses (current) 95,259 Total current assets 1,714,927 Long-term receivables 122,800 Property and equipment (net) Total assets Notes payable and short-term debt 43,116 Accounts payable Accrued liabilities 433,772 Other current liabilities 193,604 Total current liabilities 705,564 Long-term debt and deferred taxes Total liabilities 1,076,140 Shareholders' equity 1,490,627

Answer 1

Answer 1.

Inventories = Total Current Assets - Cash and Cash Equivalent - Short-term Investments - Accounts Receivable - Prepaid Expenses
Inventories = $1,714,927 - $250,286 - $365,700 - $516,944 - $95,259
Inventories = $486,738

Total Assets = Total Liabilities + Total Stockholders’ Equity
Total Assets = $1,076,140 + $1,490,627
Total Assets = $2,566,767

Property and Equipment = Total Assets - Total Current Assets - Long-term Receivables
Property and Equipment = $2,566,767 - $1,714,927 - $122,800
Property and Equipment = $729,040

Accounts Payable = Total Current Liabilities - Notes Payable and Short-term Debt - Accrued Liabilities - Other Current Liabilities
Accounts Payable = $705,564 - $43,116 - $433,772 - $193,604
Accounts Payable = $35,072

Long-term Debt and Deferred Taxes = Total Liabilities - Total Current Liabilities
Long-term Debt and Deferred Taxes = $1,076,140 - $705,564
Long-term Debt and Deferred Taxes = $370,576

Answer 2.