Prepare a balance sheet for Alaskan Orange Corp. as of December 31, 2008, based on the following

Question:

Prepare a balance sheet for Alaskan Orange Corp. as of December 31, 2008, based on the following information: cash = $167,000; patents and copyrights = $818,000; accounts payable = $236,000; accounts receivable = $241,000; tangible net fixed assets = $4,700,000; inventory = $498,000; notes payable = $176,000; accumulated retained earnings = $4,230,000; long-term debt = $913,000.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Essentials Of Corporate Finance

ISBN: 9780073405131

6th Edition

Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan

Question Posted: