Question

Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) Cash and cash equivalents Short-term investments ($ in 000s) | $ 240,286 355,700 506,944 85,259 1,614,927 112,800 Accounts receivable Inventory Prepaid expenses (current) Total current assets Long-term receivables Equipment (net) Total assets Notes payable (current) Accounts payable Accrued liabilities Other current liabilities 33,116 423,772 183,604 695,564 Total current liabilities Long-term debt Total liabilities Common stock Retained earnings 976,140 390,627 1,000,000

Answer 1

1. Determination of missing amounts:

(i) Inventory = Total Current Assets - (Cash and cash equivalents + Short-term investments + Accounts Receivable + Prepaid expenses)

= $1,614,927 - ($240,286 + $355,700 + $506,944+ $85,259)

Inventory = $426,738

(ii) Accounts Payable = Total Current Liabilities - (Notes payable + Accrued Liabilities + Other current liabilities)

= $695,564 - ($33,116 + $423,772 + $183,604)

Accounts payable = $55,072

(iii) Long-term debt = Total liabilities - Total current liabilities

= $976,140 - $695,564

Long-term debt = $280,576

(iv) Total Assets = Total liabilities + Common stock + Retained earnings

= $976,140 + $390,627 + $1,000,000

Total Assets = $2,366,767

(v) Equipment (net) = Total Assets - Total current assets - Long-term receivables

= $2,366,767 - $1,614,927 - $112,800

Equipment (net) = $639,040

2.

Trident's classified balance sheet
Particulars	($ in 000s)
Assets
Current assets:
Cash and cash equivalents	240,286
Short-term investments	355,700
Accounts receivable	506,944
Inventory	426,738
Prepaid expenses (current)	85,259
Total current assets	1,614,927
Investments:
Long-term receivables	112,800
Property, plant and equipment:
Equipment (net)	639,040
Total assets	2,366,767
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable	55,072
Accrued liabilities	423,772
Notes payable	33,116
Other current liabilities	183,604
Total current liabilities	695,564
Long-term liabilities:
Long-term debt	280,576
Total Liabilities	976,140
Shareholders' Equity:
Common stock	390,627
Retained Earnings	1,000,000
Total shareholders' equity	1,390,627
Total liabilities and shareholders' equity	2,366,767