Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.) Cash balances = $ 8,500 Inventory of sofas = $ 185,000 Store and property = $ 85,000 Accounts receivable = $ 20,500 Accounts payable = $ 15,500 Long-term debt = $ 155,000 BALANCE SHEET OF SOPHIE’S SOFAS Assets Liabilities & Shareholders’ Equity (Click to select) Long-term debt Store & property Accounts payable Accounts receivable Inventory Cash Shareholders’ equity $ (Click to select) Accounts payable Shareholders’ equity Inventory Cash Long-term debt Store & property Accounts receivable $ (Click to select) Accounts payable Inventory Long-term debt Shareholders’ equity Accounts receivable Store & property Cash (Click to select) Store & property Long-term debt Accounts payable Cash Shareholders’ equity Accounts receivable Inventory (Click to select) Store & property Shareholders’ equity Accounts payable Accounts receivable Inventory Cash Long-term debt (Click to select) Accounts receivable Accounts payable Store & property Cash Shareholders’ equity Long-term debt Inventory (Click to select) Shareholders’ equity Accounts receivable Store & property Cash Inventory Accounts payable Long-term debt Total assets $ Total liabilities & Shareholders' equity $
Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.) Cash balances = $ 8,500 Inventory of sofas = $ 185,000 Store and property = $ 85,000 Accounts receivable = $ 20,500 Accounts payable = $ 15,500 Long-term debt = $ 155,000 BALANCE SHEET OF SOPHIE’S SOFAS Assets Liabilities & Shareholders’ Equity (Click to select) Long-term debt Store & property Accounts payable Accounts receivable Inventory Cash Shareholders’ equity $ (Click to select) Accounts payable Shareholders’ equity Inventory Cash Long-term debt Store & property Accounts receivable $ (Click to select) Accounts payable Inventory Long-term debt Shareholders’ equity Accounts receivable Store & property Cash (Click to select) Store & property Long-term debt Accounts payable Cash Shareholders’ equity Accounts receivable Inventory (Click to select) Store & property Shareholders’ equity Accounts payable Accounts receivable Inventory Cash Long-term debt (Click to select) Accounts receivable Accounts payable Store & property Cash Shareholders’ equity Long-term debt Inventory (Click to select) Shareholders’ equity Accounts receivable Store & property Cash Inventory Accounts payable Long-term debt Total assets $ Total liabilities & Shareholders' equity $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| Construct a |
| Cash balances | = | $ | 8,500 |
| Inventory of sofas | = | $ | 185,000 |
| Store and property | = | $ | 85,000 |
| |
= | $ | 20,500 |
| Accounts payable | = | $ | 15,500 |
| Long-term debt | = | $ | 155,000 |
| BALANCE SHEET OF SOPHIE’S SOFAS | |||
| Assets | Liabilities & Shareholders’ Equity | ||
| (Click to select) Long-term debt Store & property Accounts payable Accounts receivable Inventory Cash Shareholders’ equity | $ | (Click to select) Accounts payable Shareholders’ equity Inventory Cash Long-term debt Store & property Accounts receivable | $ |
| (Click to select) Accounts payable Inventory Long-term debt Shareholders’ equity Accounts receivable Store & property Cash | (Click to select) Store & property Long-term debt Accounts payable Cash Shareholders’ equity Accounts receivable Inventory | ||
| (Click to select) Store & property Shareholders’ equity Accounts payable Accounts receivable Inventory Cash Long-term debt | (Click to select) Accounts receivable Accounts payable Store & property Cash Shareholders’ equity Long-term debt Inventory | ||
| (Click to select) Shareholders’ equity Accounts receivable Store & property Cash Inventory Accounts payable Long-term debt | |||
| Total assets | $ | Total liabilities & Shareholders' equity | $ |
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