Question: Construct a balance sheet for Sophies Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.) Cash
| Construct a balance sheet for Sophies Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.) |
| Cash balances | = | $ | 7,000 |
| Inventory of sofas | = | $ | 170,000 |
| Store and property | = | $ | 70,000 |
| Accounts receivable | = | $ | 19,000 |
| Accounts payable | = | $ | 14,000 |
| Long-term debt | = | $ | 140,000 |
| BALANCE SHEET OF SOPHIES SOFAS | |||
| Assets | Liabilities & Shareholders Equity | ||
| (Click to select)Accounts receivableStore and propertyInventoryShareholders equityLong-term debtAccounts payableCash | $ | (Click to select)Accounts payableShareholders equityLong-term debtInventoryAccounts receivableStore and propertyCash | $ |
| (Click to select)Shareholders equityLong-term debtAccounts receivableStore and propertyCashAccounts payableInventory | (Click to select)CashShareholders equityAccounts receivableLong-term debtAccounts payableStore and propertyInventory | ||
| (Click to select)InventoryStore and propertyAccounts receivableAccounts payableShareholders equityCashLong-term debt | (Click to select)Store and propertyCashAccounts payableAccounts receivableInventoryShareholders equityLong-term debt | ||
| (Click to select)Shareholders equityAccounts receivableInventoryAccounts payableCashLong-term debtStore and property | |||
| Total assets | $ | Total liabilities & shareholders' equity | $ |
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