Question

McFadden Corp. reports the following balances on their December 31. 20X2 Balance Sheet: Accounts Pavable Accounts Receivable Accumulated Depreciation Fixed Assets (Net) Inventory Long Term Debt Paid in Excess Retained Earnings Total Assets Total Liabilities 60 350 900 150 400 160 380 1.240 500 (long term debt + current liabilities) 7 correct 10points 6 correct 9 points 5 4 correct 8points 3 2 correct 7points correct 6 points 0 correct 5 points All of the remaining accounts are listed below. Calculate the balance in each. Accruals as Common Stock Fixed Assets (Gross) Total Current Assets Total Current Liabilities Total Equity

May I get an explanation for this, please? I have the answer so I understand the format, supposed to be separated by Assets/ liabilities and equity in the form of a Balance sheet. However, I'm confused as to how you find some of the required accounts with the given information.

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Balance Sheet Assets Current Assets Accounts Receivable Invento Cash Total Current Assets Equity and Liabilities Current Liabilities Accounts Payable Accruals Total Current Liabilities Amount Amount S 120.00 S 150.00 $70.00 $60.00 $ 40.00 $ 100.00 $ 400.00 $ 500.00 $ 340.00 Long Term debt Total Liabilities Shareholders Equit Common Stock $1,250.00 Gross Fixed Assets Accumulated Depreciation $ -350.00 Fixed Assets (Net $200.00 $160.00 $380.00 $ 900.00 Paid in Excess Retained Earnings al Equi $ 740.00 $1,240.00 Total Assets $1,240.00 Total Equity and Liabilities

1. Fixed Assets (Gross) = Fixed Assets (Net) + Accumulated Depreciation

Fixed Assets (Gross) = $900 + $350

Fixed Assets (Gross) = $1250

2. Total Current Assets = Total Assets - Fixed Assets (Net)

Total Current Assets = $1240 - $900

Total Current Assets = $340

3. Cash = Total Current Assets - Accounts Receivable - Inventory

Cash = $340 - 120 - 150

Cash = $70

4. Total Equity = Total equity and Liabilities - Total Liabilities

Total Equity = $1240 - $500

Total Equity = $740

5. Common Stock = Total Equity - Retained Earnings - Paid in Excess

Common Stock = $740 - $380 - $160

Common Stock = $200

6. Total Current Liabilities = Total Liabilities - Long Term debt

Total Current Liabilities = $500 - $400

Total Current Liabilities = $100

7. Accruals = Total Current Liabilities - Accounts Payable

Accruals = $100 - $60

Accruals = $40

All the Answer are in thousands

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