How do I solve this? # Classified Balance SheetThe Cambridge Company collected the following information for the preparation of its December 31 classified balance sheet:| Item | Amount ||----------------------------|----------|| Accounts receivable | $15,000 || Cash | $20,000 || Other current assets | $30,000 || Accounts payable | $21,000 || Long-term liabilities | $55,000 || Other current liabilities | $18,000 || Property, plant, and equipment | $200,000 || Inventory | $65,000 || Other long-term assets | $40,000 || Common stock | $10,000 || Retained earnings | ? |Prepare a classified balance sheet for Cambridge Company.### Cambridge Company Balance Sheet December 31#### Assets:- **Current Assets:** - $ \boxed{0} $ - $ \boxed{0} $ - **Other current assets:** $ \boxed{0} $ - **Total Current Assets:** $ \boxed{0} $ - **Noncurrent Assets:** - $ \boxed{0} $ - **Other long-term assets:** $ \boxed{0} $ - **Total Noncurrent Assets:** $ \boxed{0} $ - **Total Assets:** $ \boxed{0} $ #### Liabilities & Stockholders' Equity:- **Current Liabilities:** - $ \boxed{0} $ - **Other current liabilities:** $ \boxed{0} $ - **Total Current Liabilities:** $ \boxed{0} $ - **Noncurrent Liabilities:** - $ \boxed{0} $ - **Total Liabilities:** $ \boxed{0} $ - **Stockholders' Equity:** - **Common stock:** $ \boxed{0} $ - **Total Stockholders' Equity:** $ \boxed{0} $ - **Total Liabilities & Stockholders’ Equity:** $ \boxed{0} $ The balance sheet template requires inputs in the available slots to calculate total assets, total liabilities, and total stockholders' equity. This template is used to ensure balance between assets and combined liabilities and equity, following accounting principles

Retained earnings = Total assets - Total liabilities - Common stock = 370000-94000-10000 = $266,000

The Cambridge Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 20,000 Inventory 65,000 Other current assets 30,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 10,000 Long-term liabilities 55,000 Retained earnings ? Other current liabilities 18,000 Prepare a classified balance sheet for Cambridge Company. Cambridge Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: 2$ 2$ 0 Other current liabilities 0 Total Current Liabilities Other current assets O Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity 0 Common stock Other long-term assets Total Noncurrent Assets 0 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $ o o o

The Cambridge Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 20,000 Inventory 65,000 Other current assets 30,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 10,000 Long-term liabilities 55,000 Retained earnings ? Other current liabilities 18,000 Prepare a classified balance sheet for Cambridge Company. Cambridge Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: 2$ 2$ 0 Other current liabilities 0 Total Current Liabilities Other current assets O Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity 0 Common stock Other long-term assets Total Noncurrent Assets 0 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $ o o o

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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