Question

9) Prepare a balance sheet for Alaskan Peach Corp. as of December 31, 2019, based on the following information: cash = $199,000; patents and copyrights = $853,000; accounts payable = $290,000; accounts receivable = $259,000; tangible net fixed assets = $5,160,000; inventory = $544,000; notes payable = $183,000; accumulated retained earnings = $4,646,000; long-term debt = $1,190,000. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) I need help finding common stock and total liabilities and owners' equity, if you could provide equations if possible. a) Common stock: b) Total liabilities and owners' equity:

Balance Sheet Assets Cash $199,000 Accounts receivable 259,000 Inventory 544,000 Current assets $1,002,000 Intangible net fixed assets 853,000 Tangible net fixed assets 5,160,000 Total assets $7,015,000 Liabilities Accounts payable $290,000 Notes payable 183,000 Current liabilities $473,000 Long-term debts 1,190,000 Total liabilities $1,663,000 Accumulated retained earnings 4,646,000 Common stock 9,998,000 incorrect Total liabilities & owners' equity $11,661,000 incorrect

  

Answer 1

199,000 259,000 544,000 1,002,000 853,000 5,160,000 7,015,000 $ $ Balance Sheet Assets Cash Accounts Receivable Inventory Current Assets Intangible Net Fixed Assets Tangible Net Fixed Assets Total Assets Liabilities Accounts Payable Notes Payable Current Liabilities Long-term Debts Total Liabilities Common Stock Accumulated Retained Earnings Total Liabilities and Owners' Equity 290,000 183,000 473,000 1,190,000 1,663,000 706,000 4,646,000 7,015,000 $ $

Total Liabilities and Owners’ Equity = Total Assets
Total Liabilities and Owners’ Equity = $7,015,000

Total Liabilities and Owners’ Equity = Total Liabilities + Common Stock + Accumulated Retained Earnings
$7,015,000 = $1,663,000 + Common Stock + $4,646,000
Common Stock = $706,000