Question

Prepare a balance sheet for Alaskan Peach Corp. as of December 31, 2019, based on the following information: cash = $193,000; patents and copyrights = $847,000; accounts payable = $296,000; accounts receivable = $253,000; tangible net fixed assets = $5,100,000; inventory = $538,000; notes payable = $189,000; accumulated retained earnings = $4,586,000; long-term debt = $1,250,000. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Balance Sheet Assets Current assets Cash Accounts receivable Inventory Total assets Liabilities Accounts payable Notes payable 193,000 253,000 538,000 984,000 $ $ 296,000 189,000 Current liabilities Total liabilities

Answer 1

Q.1 Prepare the Balance sheet on base of details provided :

Alaskan Peach Corporation
Balance sheet
December 31,2019
Assets	Amount	Amount
Tangible & Intangible Assets
Tangible net fixed assets	5,100,000
Patent & Copyrights	847,000	5,947,000
Current Assets
Cash	193,000
Account Receivable	253,000
Inventory	538,000	984,000
Total Assets		6,931,000
Liabilities
Current Liabilities
Accounts Payable	296,000
Notes Payalbe	189,000	485,000
Long Terma Liabilities
Long Term Debt	1,250,000	1,250,000
Shareholder's Fund
Common Stock	610,000
Retained Earning	4,586,000	5,196,000
Total Liabilities		6,931,000

We have not been provided detail about common stock which we have to assume balancing number so that Total liabilities and shareholder funds equal to total assets.