In: Finance
Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.) |
Cash balances | = | $ | 7,000 |
Inventory of sofas | = | $ | 170,000 |
Store and property | = | $ | 70,000 |
Accounts receivable | = | $ | 19,000 |
Accounts payable | = | $ | 14,000 |
Long-term debt | = | $ | 140,000 |
BALANCE SHEET OF SOPHIE’S SOFAS | |||
Assets | Liabilities & Shareholders’ Equity | ||
(Click to select)Accounts receivableStore and propertyInventoryShareholders’ equityLong-term debtAccounts payableCash | $ | (Click to select)Accounts payableShareholders’ equityLong-term debtInventoryAccounts receivableStore and propertyCash | $ |
(Click to select)Shareholders’ equityLong-term debtAccounts receivableStore and propertyCashAccounts payableInventory | (Click to select)CashShareholders’ equityAccounts receivableLong-term debtAccounts payableStore and propertyInventory | ||
(Click to select)InventoryStore and propertyAccounts receivableAccounts payableShareholders’ equityCashLong-term debt | (Click to select)Store and propertyCashAccounts payableAccounts receivableInventoryShareholders’ equityLong-term debt | ||
(Click to select)Shareholders’ equityAccounts receivableInventoryAccounts payableCashLong-term debtStore and property | |||
Total assets | $ | Total liabilities & shareholders' equity | $ |