Question

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $141,000; Patents and copyrights = $630,000; Accounts payable = $219,000; Accounts receivable = $132,500; Tangible net fixed assets = $1,655,000; Inventory = $300,000; Notes payable = $110,000; Accumulated retained earnings = $1,250,000; Long-term debt = $859,000.

Answer 1

Liabilities	Amount	Assets	Amount
Accounts payable	219,000	Cash	141,000
Notes payable	110,000	Patent and Copyrights	630,000
Long term debt	859,000	Accounts receivable	132,500
Accumulated retained earnings	1,250,000	Tangible net fixed assets	1,655,000
Equity capital (Balancing figure)	420,500	Inventory	300,000
	2,858,500		2,858,500