Prepare a 2021 balance sheet for Willis Corporation based on the following information: Cash $133,000; Patents and copyrights = $630,000; Accounts payable = $213,500: Accounts receivable = $127,500; Tangible net fixed assets= $1,635,000; Inventory = 5296,000; Notes payable = $190,000; Accumulated retained earnings = $1,266,000; Long-term debt = $851,000. (Be sure to list the accounts in order of their liquidity. Do mot round intermediate calculations.)

Q: DEFINE credit policy

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Q: Define forward contract.

A: It is a form of derivative contract which is used as an agreement

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Q: What does liquidity mean?

A: Liquidity:

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Operating Cash Flows

A cash flow statement (CFS) helps the company to know the amount of cash at its disposal, the activities that lead to earning cash, and the activities which require cash expenditure for a particular period. The statement represents the liquidity of the company.