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At December 31, 2021, Waikiki Corporation has cash of $60 million, accounts receivable of $21 million, and long-term assets of $39 million. The company owes
At December 31, 2021, Waikiki Corporation has cash of $60 million, accounts receivable of $21 million, and long-term assets of $39 million. The company owes accounts payable of $18 million and has a long-term note payable of $26 million. Waikiki has common stock of $27 million and retained earnings of $49 million. Prepare Waikiki Corporation's balance sheet at December 31, 2021, complete with its proper heading Start with the heading and then complete the assets section of the statement and finally complete the liabilities and stockholders' equity section of the statement. (Enter all amounts in millions. Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders equity section of the balance sheet. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Waikiki Corporation Balance Sheet December 31, 2021 Assets (in millions) Liabilities (in millions) Current assets: Current liabilities: Cash 18 60 Accounts payable 21 Total current liabilities Accounts receivable 18 Long-term notes payable 20 Total current assets 81 Stockholders' Equity Long-term assets 39 120 Total assets Total liabilities and stockholders' equity
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