Question: Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash = $130,000; patents and copyrights = $630,000; accounts payable = $211,500;

Prepare a 2015 balance sheet for Cornell Corp. based on the following information: cash = $130,000; patents and copyrights = $630,000; accounts payable = $211,500; accounts receivable = $155,000; tangible net fixed assets = $1,625,000; inventory = $294,500; notes payable = $175,000; accumulated retained earnings = $1,272,000; long-term debt = $848,000.

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