Question

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $143,000; Patents and copyrights = $630,000; Accounts payable = $220,500; Accounts receivable = $115,000; Tangible net fixed assets = $1,660,000; Inventory = $301,000; Notes payable = $120,000; Accumulated retained earnings = $1,246,000; Long-term debt = $861,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) ROGERS CORP. Balance Sheet Assets Liabilities and Equity Current liabilites Total liabilities Total assets Total liabilities & owners' equity

Answer 1

ROGERS CORP.
Balance Sheet
Assets		Liabilities and Equity
Cash	$143,000	Accounts Payable	$220,500
Accounts Receivable	$115,000	Notes Payable	$120,000
Inventory	$301,000	Current liabilities [$220,500 + $120,000]	$340,500
Current assets   [$143,000 + $115,000 + $301,000]	$559,000
		Long term debt	$861,000
		Total liabilities   [$340,500 + $861,000]	$1,201,500
Tangible net fixed assets	$1,660,000	Equity
Intangible net fixed assets	$630,000	Common Stock           [Refer working note below]	$401,500
		Accumulated retained earnings	$1,246,000
Total assets [$559,000 + $1,660,000 + $630,000]	$2,849,000	Total liabilities and owners equity [Equal to total assets]	$2,849,000

.

Working note:

Common stock = Total assets - Total liabilities - Accumulated retained earnings

= $2,849,000 - $1,201,500 - $1,246,000

= $401,500