Question

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $144,000; Patents and copyrights = $630,000; Accounts payable = $221,000; Accounts receivable = $110,000; Tangible net fixed assets = $1,660,000; Inventory = $301,500; Notes payable = $125,000; Accumulated retained earnings = $1,244,000; Long-term debt = $862,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) 

Answer 1

Rogers Corp Balance Sheet Assets Amount Liabilities Amount Cash Accounts Receivable Inventory $144,000 $110,000 $301,500 Accounts payable Notes payable Current Liabilities $221,000 $125,000 $346,000 Current Assets $555,500 Long Term Debt $862,000 Total Liabilities $1,208,000 Tangible Net Fixed Assets Intangible Net Fixed Assets $1,660,000 $630,000 Common Stock $393,500 Total Fixed Assets $2,290,000 Accumulated Retained Earnings $1,244,000 Total Assets $2,845,500 Total Liabilities & Owner's Equity $2,845,500

Common stock = Total Assets - Total liabilities - Accumulated Retained Earnings

Common stock = $2,845,500 - $1,208,000 - $1,244,000

Common stock = $393,500