Question: Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash - $140,000 patents and copyrights $630,000; accounts payable $218,000; accounts receivable
Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash - $140,000 patents and copyrights $630,000; accounts payable $218,000; accounts receivable $107,500; tangible net fixed assets $1,650,000; inventory $299,500; notes payable $165,000; accumulated retained earnings $1,252,000; long-term debt = $858,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) CORNELL COP. Balance Sheet Assets (Click to select) (Click to select) (Click to select) Current assets (Click to select) (Click to select) Total assets Liabilities (Click to select) (Click to select) $ I Current liabilities (Click to select) Total liabilities (Click to select) Click to select) Total liabilities&owners' equity
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