Prepare a balance sheet for Alaskan Strawberry Corp. as of December 31, 2016, based on the following information: Cash = $197,000 Patents and copyrights = $863,000 Accounts payable = $288,000 Accounts receivable = $265,000 Tangible net fixed assets = $5,150,000 Inventory = $563,000 Notes payable = $194,000 Accumulated retained earnings = $4,586,000 Long-term debt = $1,590,000 You will complete this in a spreadsheet either using Microsoft Excel or Google Sheets. Submit your spreadsheet here.

Question

contestada

Respuesta :

eugeniawatanabe eugeniawatanabe · Answer 1 · 2019-09-06T04:07:13+02:00

Answer:

See file attached

Explanation:

The Balance Sheet`s components for Alaskan Strawberry Corp. are recorded and order like this:

ASSETS:

- Cash

- Accounts receivable

- Inventory

- Tangible net fixed assets

- Patents and copyrights

LIABILITIES:

- Accounts payable

- Notes payable

- Long-term debt

OWNER`S EQUITY

- Common Stock

- Accumulated retained earnings

Accounting Equation Formula

Assets = Liabilities + Owner's Equity

Taking into account the following:

Owner's Equity = Common Stock + Accumulated retained earnings

The formula is completed as follows

Asset = Liabilities + Common Stock + Accumulated retained earnings

Then:

Common Stock = Asset – Liabilities - Accumulated retained earnings

In numbers:

Common Stock = 7,038,000 – 2,072,000 – 4,586,000

Common Stock = 380,000