Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following accounts and related balances of Cardinal Designers, Inc., as of December 31, 2018, are arranged in no particular order: (Click the icon

image text in transcribedimage text in transcribed

The following accounts and related balances of Cardinal Designers, Inc., as of December 31, 2018, are arranged in no particular order: (Click the icon to view the account information.) Read the requirements. Cardinal Designers, Inc. Balance Sheet December 31, 2018 Liabilities Assets Current assets: Current liabilities: Cash $ 46,000 Accounts payable Accounts receivable, net 32,000 Accrued liabilities: Inventory 92,000 Dividends payable 15,000 Prepaid expenses Total current assets Total current liabilities 185,000 Long-term note payable Property, plant and equipment, net 359,000 Total liabilities $ 134,000 21,000 5,000 160,000 97,000 257,000 Intangible assets: Stockholders' Equity Goodwill 11,000 Common stock, 1.00 par, Trademarks, net 3,000 300,000 shares authorized 118,000 shares issued 92000 shares outstanding 118,000 Paid-in capital in excess of par-common i 23,000 Re Retained earnings Less: Treasury stock, common 19,000 shares at cost (34,000) 1. 2. Total stockholders' equity $ 558,000 3. Total assets Total liabilities and stockholders' equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Advanced Accounting In Canada

Authors: Hilton Murray, Herauf Darrell

7th Edition

1259066487, 978-1259066481

More Books

Students also viewed these Accounting questions