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 | = | $ | 11,000 |
| Inventory of sofas | = | $ | 210,000 |
| Store and property | = | $ | 110,000 |
| Accounts receivable | = | $ | 23,000 |
| Accounts payable | = | $ | 18,000 |
| Long-term debt | = | $ | 180,000 |
| BALANCE SHEET OF SOPHIES SOFAS | |||
| Assets | Liabilities & Shareholders Equity | ||
| (Click to select)Shareholders equityLong-term debtInventoryCashAccounts payableStore and propertyAccounts receivable | $ | (Click to select)Shareholders equityCashAccounts receivableInventoryStore and propertyLong-term debtAccounts payable | $ |
| (Click to select)Shareholders equityStore and propertyAccounts payableLong-term debtCashInventoryAccounts receivable | (Click to select)Shareholders equityCashAccounts receivableAccounts payableStore and propertyLong-term debtInventory | ||
| (Click to select)Long-term debtAccounts receivableStore and propertyCashInventoryShareholders equityAccounts payable | (Click to select)Store and propertyShareholders equityCashAccounts payableInventoryLong-term debtAccounts receivable | ||
| (Click to select)Shareholders equityAccounts receivableInventoryCashAccounts payableLong-term debtStore and property | |||
| Total assets | $ | Total liabilities & shareholders' equity | $ |
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