Question

eul e in na10ne S1-14 (similar to) Question Help At December 31, 2018. Ocean Corporation has cash of $56 million, accounts receivable of $24 million, and long-term assets of $41 million. The company owes accounts payable of $17 million and has a long-term note payable of $25 million. Ocean has common stock of $29 milion and retained eamings of $50 milion. Prepare Ocean Corporation's balance sheet at December 31, 2018, complete with its proper heading Start with the heading and then complete the assets section of the statement and finally complete the liabiities and stockholders' equity section of the statement. (Enter all amounts in millions. Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the fest part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders equity section of the balance sheet. Ifa box is not used in the table leave the box enpty: do not select a label or enler a zero.)

Answer 1

Ocean Corporation Balance Sheet December 31, 2018
Assets	In millions	Liabilities	In millions
Current Assets:		Current Liabilities:
Cash	$ 56	Accounts Payable	$17
Accounts receivable	24
Total current assets	80	Total current liabilities	17
Long term assets	41	Long term liabilities:
		Notes payable	25
		Total liabilities	42
		Stockholder's equity:
		Common stock	29
		Retained earnings	50
		Total stockholder's equity	79
Total Assets	$121	Total Liabilities and Stockholder's equity	$121