Shelley and Co. has the following balance sheet elements as of December 31, 2012. Required: Compute the

Question:

Shelley and Co. has the following elements as of December 31, 2012.

Shelley and Co. has the following balance sheet elements as

Required:
Compute the total amount of:
1. Current assets.
2. Long-term assets.
3. Current liabilities.
4. Long-term liabilities.
5. Stockholders€™equity.

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...