Question

E1-4 Preparing a Balance Sheet LO1-1 Harunori Motor Corporation of Japan is a leading international manufacturer of automobiles, motorcycles, all-terrain vehicles, and personal watercraft. As a Japanese company, it follows Japanese GAAP and reports its financial statements in billions of yen (the sign for yen is ¥). Its recent balance sheet contained the following items (in billions). Cash and cash equivalents ¥ 710 Common stock 289 Accounts payable and other current liabilities 4,347 Inventories 1,284 Investments 789 Long-term debt 1,943 Net property, plant, and equipment 2,268 Other assets 6,344 Other liabilities 1,589 Retained earnings 4,101 Total assets 12,269 Total liabilities and stockholders’ equity ? Trade accounts, notes, and other receivables 874 Prepare a balance sheet as of March 31, current year, solving for the missing amount. (Enter your answers in billions.) ReferenceseBook & Resources Financial StatementsDifficulty: 2 Medium E1-4 Preparing a Balance Sheet LO1-1Learning Objective: 01-01 Recognize the information conveyed in each of the four basic financial statements and the way that it is used by different decision makers (investors, creditors, and managers).

Answer 1

Harunori Motor Corporation

Balance sheet

as of March 31,

Cash and cash equivalents 710

Trade accounts, notes, and other receivables 874

Inventories 1,284

Investments 789

Net property, plant, and equipment 2,268

Other assets 6,344

Total assets 12,269

Liabilities

Accounts payable and other current liabilities 4,347

Long-term debt 1,943
Other liabilities 1,589

Total Liabilities 7879

Stockholders’ equity

Common stock 289

Retained earnings 4,101

Total Stockholders’ equity 4390

Total liabilities and stockholders’ equity 12269   

Note:- Total liabilities + Total Shareholder's equity = Total assets

Therefore, Total liabilities and stockholders’ equity = Total assets