Prepare a 2012 statement of financial position for Listowel Corp. based on the following information: cash =

Question:

Prepare a 2012 statement of financial position for Listowel Corp. based on the following information: cash = $195,000; patents and copyrights = $780,000; accounts payable = $405,000; accounts receivable = $137,000; tangible net fixed assets = $2,800,000; inventory = $264,000; notes payable = $160,000; accumulated retained earnings = $1,934,000; long term debt = $1,195,000.

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...

Fantastic news! We've Found the answer you've been seeking!