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What is the correct solution and how to we get the numbers in the blanks?? Problem 3 (50 Points, 19 minutes) I was preparing lecture
What is the correct solution and how to we get the numbers in the blanks??
Problem 3 (50 Points, 19 minutes) I was preparing lecture notes for class but stepped away from my computer for a minute. Patrick came into my office and saw that I had an Excel Spreadsheet open. He learned about a special function in Excel called RAND) which will create a random number. He decided to test it and then went and sorted my lecture balance sheet by the random value. Here is the result. He accidently deleted some values Equipment Retained earni 0,0000.0164 0.1627 This note requires annual principal Note payable Prepaid expenses 12,000 0.18 payments of $3,000 on 3/31 of each year 3,600 0.2746 These will all expire in the coming year All Interest must be paid on 3/31 of each Interest payable 400 0.6992 year This is an investment in common stock that the company has no intention of 400 0.063 selling in the foreseeable future Investments Accounts payable Accounts receivable Common stock Cash Franchise 0.3636 6,450 0.7178 0.9986 2,450 0.2095 0.7658 This will be earned evenly over the next Deferred revenue Invento Bonds payable Accumulated depreciation-equipment 12,000 0.563 Allowance for uncollectible accounts 3,600 0.9831two years 17,2500.4312 10,800 0.6832 These will mature in 2025 750 0.9155 The following Additional Information is Available 1. The data reported is from the balance sheet date dated 12/31/2016 2. The Current Ratio is equal to 2.0 3. Total liabilities are 150% of total shareholders' equity (Shareholder's Equity * 1.5)-LIABILITIES 4. Retained earnings at the beginning of the year were Net income for 2016 was $2,500, and $1,500 in cash dividends were declared and paid to shareholders. a. b. Required: In the workspace provided please prepare a Balance Sheet in good formStep by Step Solution
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