Question

Forever&Ever Corporation Balance Sheet at December 31, 2019 $ $ 40,000 69,000 Assets Current Assets Cash and cash equivalents Short-term investments Accounts Receivable Less Allowance for Uncollectible Accounts Net Accounts receivables Inventories Prepaid insurance Total current assets $ $ 63,500 4,000 187,000 6,000 Investments Marketable securities Land held for sale Bond sinking fund Total investments $ $ 30,000 22,000 15,000 Property, plant, and equipment Land Buildings Equipment Total P.P, and E Less Accumulated depreciation Net Property, plant, and equipment $ $ $ 176,000 680,000 258,000 $ (161,000) Intangibles Patents Total Assets 15,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Interest payable Note payable Current maturities of long-term debt Total current liabilities 92,000 22,000 12,000 16,000 $ Long-term liabities Notes payable Bonds payable Total long-term liabilities $ $ 86,000 235,000 Shareholders' equity Common stock Retained earnings Total shareholders' equity Total Liabilities and Shareholders Equity $ $ 680,000 253,500

Please include the steps with the answers (it's going to be on excel thats why i need the steps)

Answer 1

Dear Student ,

Please see below - complete Balance Sheet with all formula for easy reference . Also filled up all gaps ..

Thank You!!

Foreever &Ever Corporation
Balance Sheet
as at December 31,2019
We need to derived certain GAP Number as below :
Current Asset	Amnt($)	Amnt($)
Cash & Cash Equivalent		40,000	a
Short term Investment		69,000	b
Account Receivable	63,500
Less- Allowance for Uncolletable Account	4,000
Account Receivable ( net)		59,500	c
Inventories		1,87,000	d
Prepaid Insurance		6,000	e
Total Current Asset		3,61,500	Sum(a to e)=T
Investement
Marketable Securities		30,000	f
Land held for sale		22,000	g
Bond sinking Fund		15,000	h
Investement Total		67,000	Sum(f to h)-T1
Property , Plant and Equipment
Land		1,76,000	i
Buildings		6,80,000	j
Equipment		2,58,000	k
Total Property, Plant & Equipment		11,14,000	Sum(i to k)
Less- Accumulted depreciaiton		1,61,000
Total Property, Plant & Equipment (NET)		9,53,000	L=T3
Intangibel asset
Patents		15,000	M= T4
Total Asset		13,96,500	(SUM OF T TO T4)
Current Liability
Acount Payable		92,000	a
Inetrest Payable		22,000	b
Note pAyable		12,000	c
Current mature - Long term debt		16,000	d
Total Current Liability		1,42,000	sum(a to d)=X
Long term Liability
Note pAyable		86,000	e
Bond pAyable		2,35,000	f
Total Long term Liability		3,21,000	sum(e to f)=X1
Total Liability		4,63,000	( SUMOF X+X1)=X3
Shareholders Equity
Common stock		680000	g
Retained earnings		2,53,500	h
Total Shareholders Equity		933500	sum(g to h)-X4
Total Liability + Stocholders Equity		13,96,500	X3+X4