Question
Prepare a balance sheet Place the appropriate account in the balance sheet and the appropriate amount. If the item does not belong on a balance
- Prepare a balance sheet
Place the appropriate account in the balance sheet and the appropriate amount.
If the item does not belong on a balance sheet do not put the item on the balance sheet.
Cash = $270,000; Notes payable = $300,000; Receivables Turnover = 20; Sales = $5,000,000; Total current assets = $750,000; Net working capital = $350,000; Total assets = $10,000,000; Retained earnings = $2,500,000; Common Stock = ?; Fixed Assets = ?; Accounts Payable = ? Inventory = ?
ABC Company
Balance Sheet
December 31, 2018
Assets |
|
| Liabilities |
|
Current Assets |
|
| Current Liabilities |
|
1 cash |
|
| 1 |
|
2 inventory |
|
| 2 |
|
3 |
|
| Total Current Liabilities |
|
Total Current Assets | 2,500,000 |
| Long term Debt | 2,000,000 |
Long term assets: |
|
| Total Liabilities |
|
1 |
|
| Equity |
|
|
|
| 1 |
|
|
|
| 2 |
|
Total Assets | 10,000,000 |
| Total Liabilities and Equity |
|
And explanation please
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