Question

At December​ 31, ​, Corporation has cash of ​million, accounts receivable of ​million, and​ long-term assets of million. The company owes accounts payable of million and has a​ long-term note payable of million. has common stock of million and retained earnings of million. Prepare ​Corporation's balance sheet at December​ 31, ​, complete with its proper heading.

Answer 1

Answer:

Balance Sheet December 31

Assets

Cash                              $1,000,000

Accounts Receivable   $1,000,000

Long-term assets         $1,000,000

Total Assets                 $3,000,000

Liabilities

Accounts Payable        $1,000,000

Long-term note            $1,000,000

Total Liabilities             $2,000,000

Stockholder's Equity

Common Stock             $1,000,000

Retained Earnings        $1,000,000

Total Stockholder's Equity $2,000,000