Question: Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $127,000; patents and copyrights = $630,000; accounts payable = $210,000;
Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $127,000; patents and copyrights = $630,000; accounts payable = $210,000; accounts receivable = $105,000; tangible net fixed assets = $1,620,000; inventory = $293,000; notes payable = $160,000; accumulated retained earnings = $1,278,000; long-term debt = $845,000. (Be sure to list the accounts in order of their liquidity.) CORNELL COP Balance Sheet Assets Cash Accounts receivable Inventory $ 127000 105000 293000 Current assets Tangible net fixed assets Intangible net fixed assets $ 525000 1620000 Total assets $ Liabilities (Click to select) (Click to select) $ Current liabilities (Click to select) $ Total liabilities (Click to select) (Click to select) Total liabilities & owners equity $
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