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You are preparing a 2015 balance sheet for Cornell Corp. based on the following information: cash...

You are preparing a 2015 balance sheet for Cornell Corp. based on the following information: cash = $146298; patents and copyrights = $632924; accounts payable = $214385; accounts receivable = $140671; tangible net fixed assets = $1.8 million; inventory = $285223; notes payable = $149021; accumulated retained earnings = $1.6 million; long-term debt = $831559. What is the amount of Common Stock on this balance sheet?

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Answer #1

Total assets = Cash + patents + accounts receivable + tangible net fixed assets + inventory

Total assets = 146298+632924+140671+1800000+285223

Total assets = $3,005,116

Total liabilities = accounts payable + notes payable + long-term debt

Total liabilities = 214385+149021+831559

Total liabilities = $1,194,965

Accumulated retained earnings = $1,600,000

Common stock = Total assets - total liabilities - accumulated retained earnings

Common stock = $3,005,116 - $1,194,965 - $1,600,000

Common stock = $210,151

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