Question

Question 9 View Policies Current Attempt In Progress Suppose the following items were taken from the 2017 financial statements of Kingbird, Inc. (All dollars are in millions.) $3,420 Accumulated depreciation-equipment Common stock $2,690 Prepaid rent Accounts payable 175 1,080 Equipment 6,110 Patents 2,120 Stock investments (long-term) 670 Notes payable (long-term) 850 Debt investments (short-term) Retained earnings 1,680 6,375 Income taxes payable 160 Accounts receivable 1,740 Cash 1,060 Inventory 1,020 Prepare a classified balance sheet in good form as of December 31, 2017. (List current assets in order of liquidity.)

Answer 1

Assets
	$	$
Current Assets
Cash	1,060
Inventory	1,020
Accounts Receivables	1,740
Prepaid Rent	175
Debt Investment(Short)	1,680
Total Current Assets		5,675
Non Current Assets
Stock Investment		670
Tangible Assets
Equipments	6,110
Less : Accumulated Depreciation	2,690	3,420
Intangible Assets
Patent		2,120
Total Assets		11,885
Liabilities
Current Liabilities
Accounts Payable	1,080
Income Tax Payable	160
Total Current Liabilities		1,240
Non Current Liabilities
Notes Payable		850
Total Liabilities		2,090
Stock Holders Equity
Common Stock	3,420
Retained Earnings	6,375
Total Stock holders Equity		9,795
Total Liabilities and Stock holders Equity		11,885