Prepare a 2021 balance sheet for Willis Corporation based on the following information: Cash = $138,000 Patents and copyrights = $630,000 Accounts payable = $216,500 Accounts receivable = $160,000 Tangible net fixed assets = $1,645,000 Inventory = $298,500 Notes payable = $155,000 Accumulated retained earnings = $1,256,000 Long-term debt = $856,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.
Prepare a 2021
Cash = $138,000
Patents and copyrights = $630,000
Accounts payable = $216,500
Tangible net fixed assets = $1,645,000
Inventory = $298,500
Notes payable = $155,000
Long-term debt = $856,000.
(Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.
The balance sheet is a summary of permanent accounts prepared at the end of the accounting period. It is an essential part of financial statements. The balance sheet includes categories of current assets, long-term assets, current liabilities, long-term liabilities, and shareholders' equity.
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