Preparing a Balance Sheet [ LO1] Prepare a 2021 balance sheet for Willis Corp. based on the following information: Cash = $165,000; Patents and copyrights = $858,000; Accounts payable = $273,000; Accounts receivable = $149,000; Tangible net fixed assets = $2,093,000; Inventory = $372,000; Notes payable = $20o1,500; Accumulated retained earnings = $1,778,000; Long-term debt = $1,079,000.
Preparing a Balance Sheet [ LO1] Prepare a 2021 balance sheet for Willis Corp. based on the following information: Cash = $165,000; Patents and copyrights = $858,000; Accounts payable = $273,000; Accounts receivable = $149,000; Tangible net fixed assets = $2,093,000; Inventory = $372,000; Notes payable = $20o1,500; Accumulated retained earnings = $1,778,000; Long-term debt = $1,079,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Preparing a Balance Sheet [ LO1] Prepare a 2021 balance sheet for Willis Corp. based on the following information:
Cash = $165,00o; Patents and copyrights = $858,000; Accounts payable = $273,00o; Accounts receivable = $149,00o;
Tangible net fixed assets = $2,093,000; Inventory = $372,000; Notes payable = $201,500; Accumulated retained
earnings = $1,778,000; Long-term debt = $1,079,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fefa4cca1-81f9-4cce-bc3d-e5d7ab07e50e%2F08b57ed6-c17b-421a-a994-9c57af396964%2Fagzu9h_processed.png&w=3840&q=75)
Transcribed Image Text:Preparing a Balance Sheet [ LO1] Prepare a 2021 balance sheet for Willis Corp. based on the following information:
Cash = $165,00o; Patents and copyrights = $858,000; Accounts payable = $273,00o; Accounts receivable = $149,00o;
Tangible net fixed assets = $2,093,000; Inventory = $372,000; Notes payable = $201,500; Accumulated retained
earnings = $1,778,000; Long-term debt = $1,079,000.
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