Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I tried to complete the balance sheet but my homework says its missing some things. Can you help me? [The following information applies to the
I tried to complete the balance sheet but my homework says its missing some things. Can you help me?
[The following information applies to the questions displayed below.]
The following accounts are taken from the financial statements of Paradise Resorts. at September 30, 2013. (Amounts are in millions.) |
Accounts Payable | $ | 590 | |
Cash | 3,650 | ||
Common Stock | 12,600 | ||
Equipment | 3,250 | ||
Income Tax Expense | 410 | ||
Interest Expense | 160 | ||
Notes Payable (long-term) | 1,450 | ||
Notes Payable (short-term) | 410 | ||
Prepaid Rent | 1,650 | ||
Retained Earnings | 3,700 | ||
Service Revenue | 10,800 | ||
Short-term Investments | 7,400 | ||
Software | 2,800 | ||
1. Prepare a classified balance sheet at September 30, 2013. (Enter your answers in millions.)
|
PARADISE RESORTS
Balance Sheet | |||
At September 30, 2013 | |||
(in millions) | |||
Assets | Liabilities | ||
Current Assets | Current Liabilities | ||
Cash | $3,650 | Accounts Payable | $590 |
Prepaid Rent | 1,650 | Notes Payable (short-term) | 410 |
Short-term Investments | 7,400 | ||
Total Current Assets | 12,700 | Total Current Liabilities | 1,000 |
Equipment | 3,250 | Notes Payable (long-term) | 1,450 |
Software | 2,800 | ||
Total Liabilities | 2,450 | ||
Stockholders' Equity | |||
Common Stock | 12,600 | ||
Retained Earnings | 3,700 | ||
6,050 | Total Stockholders' Equity | 16,300 | |
Total Assets | $18,750 | Total Liabilities and Stockholders' Equity | $18,750 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started