Question

Prepare a balance sheet for Alaskan Strawberry Corp. as of December 31, 2016, based on the following information: cash = $210,000; patents and copyrights = $864,000; accounts payable = $279,000; accounts receivable = $270,000; tangible net fixed assets = $5,270,000; inventory = $555,000; notes payable = $172,000; accumulated retained earnings = $4,756,000; long-term debt = $1,080,000.

Answer 1

Hi

Asset = Liabilities +Equity

Below is the balance sheet which shows each item category wise. Common stock is the balancing figure to balance out Asst and liabilities +Equity

Particulars	Amount	Amount
Current Assets:
Cash	$210,000
Account receivables	$270,000
Inventory	$555,000
Total Current Assets	$1,035,000
Patents & Copy Rights	$864,000
Tangible Net Fixed Assets	$5,270,000
Total Fixed Asset	$6,134,000
Total Assets	$7,169,000
Current Liabilities
Account Payable		$279,000
Total Current Liabilities		$279,000
Long Term Debt		$1,080,000
Notes Payable		$172,000
Accumulated Retained Earnings		$4,756,000
Common Stock (balance)		$882,000
Total Debt & Shareholder Equity		$7,169,000

THanks