Question: C Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2: Balance Sheet Items 12/31/20X2 12/31/20X1 Accounts Payable to

C Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2:

Balance Sheet Items 12/31/20X2 12/31/20X1
Accounts Payable to Suppliers $29,000 $ 27,000
Accounts Receivable from Customers $29,000 $ 24,000
Bonds Payable $19,460 $19,460
Buildings (net of depreciation) $11,000 $12,000
Cash $7,000 $3,000
Land $19,460 $19,460
Equipment (net of depreciation) $23,000 $17,000
Income Taxes Payable $7,000 $5,000
Common Stock $9,000 $6,000
Merchandise Inventory $8,585 $ 8,000
Retained Earnings $25,000 $25,000
Salaries Payable $8,585 $1,000

Required 1: AC's Current assets as of 12/31/20X2 must have been: $_______?

Required 2: AC's Non Current Assets as of 12/31/20X2 must have been: $_______?

Required 3: AC's Total Assets as of 12/31/20X2 must have been: $_______?

Required 4: AC's Current Liabilities as of 12/31/20X2 must have been: $_______?

Required 5: AC's Non Current liabilities as of 12/31/20X2 must have been: $___________?

Required 6: AC's Total Liabilities as of 12/31/20X2 must have been: $________?

Required 7: AC's Owner's Equity as of 12/31/20X2 must have been: $_________?

Required 8: AC's Total Liabilities and Owner's Equity as of 12/31/20X2 must have been:_______?

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