Find Balance statement?

Find Liablilities and stockholder's equity?

Kimmel, Survey of Accounting, le ACCOUNTING FOR MANAGERS (FMGT1116 & 4816) ice Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Problem 1-5 Metlock, Inc. was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Assets Metlock, Inc. Balance Sheet December 31, 2017 Liabilities and Stockholders' Equity $23,600 Accounts payable $35,400 59,000 Notes payable 17,700 42,480 Boat loan 25,960 28,320 Stockholders' equity 75,520 Cash Accounts receivable Inventory Boat Miko willingly admits that she is not an accountant by training. She is concerned that her balance sheet might not be correct. She has provided you with the following additional Information 1. The boat actually belongs to Miko, not to Metlock, Inc.. However, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. To be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat! The inventory was originally purchased for $29,500, but due to a surge in demand Miko now thinks she could sell it for $42,480. She thought it would be best to record it at $42,480. Included in the accounts receivable balance is $11,800 that Miko loaned to her brother 5 years ago. Miko included this in the receivables of Metlock, Inc. so she wouldn't forget that her brother owes her money. - Provide a corrected balance sheet for Metlock, Inc.. (Hint: To get the balance sheet to balance, adjust stockholders' equity.) (List assets in order of liquidity.) Metlock, Inc. Ralance Sheet 27 AM 2/11/2021 bill $