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Thorn, Inc., has current assets of $220 million; property, plant, and equipment of $320 million, and other assets totaling $200 million. Current liabilities are $200
Thorn, Inc., has current assets of $220 million; property, plant, and equipment of $320 million, and other assets totaling $200 million. Current liabilities are $200 million and long-term liabilities total $370 million. Read the requirements (Enter all amounts in millions of dollars.) Requirement 1. Use the data provided to write Thorn's accounting equation. At December 31, 2018, Tommer Products has cash of $19,000, receivables of $14,000, and inventory of $83,000. The company's equipment totals $188,000. Tommer owes accounts payable of $25,000 and long-term notes payable of $164,000. Common stock is $34,500 Read the requirement. Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If a box is not used in the table leave the box empty; do not select a label or enter a zero.)
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