Given the following information, construct the firm’s balance sheet: Cash and cash equivalents $ 530,000 Accumulated depreciation on plant and equipment 1,050,000 Plant and equipment 4,760,000 Accrued wages 350,000 Long-term debt 4,860,000 Inventory 7,000,000 Accounts receivable 4,140,000 Preferred stock 620,000 Retained earnings 8,166,000 Land 2,630,000 Accounts payable 1,730,000 Taxes due 110,000 Common stock $ 18 par Common shares outstanding 98,000 Current portion of long-term debt $ 410,000 Round your answers to the nearest dollar. Corporation X Balance Sheet as of XX/XX/XX Assets Liabilities and Owners' Equity Cash and cash equivalents $ Accounts payable $ Accounts receivable Taxes due Inventory Accrued wages Total current assets $ Current portion of long-term debt $ Land Total current liabilities Plant and equipment Long-term debt Preferred stock Common stock Retained earnings Total shareholders’ equity Total assets $ Total liabilities and shareholders’ equity $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Given the following information, construct the firm’s balance sheet:

Cash and cash equivalents	$	530,000
Accumulated depreciation on plant and equipment		1,050,000
Plant and equipment		4,760,000
Accrued wages		350,000
Long-term debt		4,860,000
Inventory		7,000,000
Accounts receivable		4,140,000
Preferred stock		620,000
Retained earnings		8,166,000
Land		2,630,000
Accounts payable		1,730,000
Taxes due		110,000
Common stock	$	18 par
Common shares outstanding		98,000
Current portion of long-term debt	$	410,000

Round your answers to the nearest dollar.

Corporation X
Balance Sheet as of XX/XX/XX
Assets		Liabilities and Owners' Equity
Cash and cash equivalents	$		Accounts payable	$
Accounts receivable			Taxes due
Inventory			Accrued wages
Total current assets	$		Current portion of long-term debt	$
Land			Total current liabilities
Plant and equipment			Long-term debt
			Preferred stock
			Common stock
			Retained earnings
			Total shareholders’ equity
Total assets	$		Total liabilities and shareholders’ equity	$

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