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Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash $131,000; patents and copyrights- $630,000, accounts payable = $212,000, accounts receivable
Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash $131,000; patents and copyrights- $630,000, accounts payable = $212,000, accounts receivable = $107,500; tangible net fixed assets = $1,630,000; inventory = $295,000; notes payable = $180,000, accumulated retained earnings = $1,270,000; long-term debt = $849,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) CORNELL COP Balance Sheet Assets Cash Accounts receivable Inventory 131000 107500 295000 Current assets 533500 1630000 630000 Tangible net fixed assets Intangible net fixed assets Total assets $ 2793500 Liabilities Accounts payable $212000 Notes payable 180000 Current liabilities 392000 Long-term debt 849000 Total liabilities $ 1241000 Common stock Accumulated retained earnings Total liabilities & owners' equity $ 2793500
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