Question

You are preparing a 2015 balance sheet for Cornell Corp. based on the following information: cash = $146136; patents and copyrights = $620190; accounts payable = $217320; accounts receivable = $126969; tangible net fixed assets = $1.7 million; inventory = $307359; notes payable = $139247; accumulated retained earnings = $1.1 million; long-term debt = $767105. What must be the amount of Common Stock on this balance sheet

Answer 1

Total assets:
Current assets:
Cash		146136
Accounts receivable		126,969
Inventory		307359
Total Current assets			580464
Net tangible fixed assets			1700000
Patents and Copyrights			620190
Total assets:			2900654
Total liabilities:
Accounts payable			217320
Notes payable			139247
Long term debts			767105
Total liabilities:			1123672
Stockholder's equity:
Total assets			2900654
less: Total liabilities			1123672
Stockholder's equity:			1776982
Common Stock capital:
Stockholder's equity			1776982
less: balance of Retained earnings			1100000
Common Stock capital:			676982
Answer is $ 676982