P2 Use your knowledge of balance sheets to fill in the missing amounts: Assets:

Question

P2 Use your knowledge of balance sheets to fill in the missing amounts: Assets: Cash $10,000 Accounts Receivable $100,000 Inventory Total current assets $220,000 Gross plant and equipment $500,000 Less: accumulated deprecation Net plant and equipment $375,000 Total assets Liabilities: Accounts payable $12,000 Notes payable $50,000 Total current liabilities Long-term debt Total liabilities $190,000 Common stock ($1 par, 100,000 shares) Paid-in capital Retained earnings $150,000 Total stockholders

Explanation / Answer

Inventory: 110000 Accu Depr = 125000 Total Assets = 595000 Total Current Liabilities = 62000 Long Term Debt = 128000 Total Stockholder's equity = 250000

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