Question

The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below.

Answer 1

Solution * Calculation of 입 total assets [All & in 0003] Total assets = Total Liabilities + Shareholdess' Equity = Total Liabilities + [comunion Stock + Retained Earnings] $186,140 + [409627 + 1,000,000] 2396,767 Total Assets - * Calculation of Equipment (Net): $ in 000 Particulars Total assets Less: term heceivables Long- Less: Total Current Assets 2,386,767 (113,800) | 1,624,927) Equipment (Net). 648,040 * Calculation of inventory Padiinlays Total Current Assets $ in 000s 11,624,927 (86,259) 507,944) Less: Prepaid expenses. hess: Accounts Receivables. Less! Short-term investments |(356,700) (241,286) Less: Cash and cash equivalents: Inventory 432,738

* Calculation of accounts payable: Particulars Total Current Liabilities Less: Notes Payable (current) Less: dccrued Liabilities Lexs: Other Cuvent Liabilities . $ in ooos. 696, 564 (34,116) (424,772) (186,604) Accounts Payable 53,072

* Calculation of long-term -term debt: Particulars Total Liabilities in 0005 986,140 | (696,564) Less: Total Current Liabilities .: Long-term debt [Becomuse, long-term debt is the only 289,576 long-term liability

($in 00os) Solution TRIDENT CORPORATION BALANCE SHEET AT DECEMBER 31, 2021: Particulars ASSETS CURRENT ASSETS: Inventory Accounts Receivable Short term inwestments Prepaid Expenses. Cash and cash equivalents Total Current Assets INVESTMENTS: 432,738 |507,944 356,700 86,259 [241,286 1,624,927 113,800 Long term receivables PROPERTY, PLANT AND EQUIPMENT 648,040 Equipment (Net). Total Assets 2396,767 LIABILITIES AND SHAREHOIDERS' EQUITY: Current Liabilities: Notes Payable current) Accounts Payable Accrued liabilities other current liabilities Total Current Liabilities Long term Liabilities: Long tam debt Total Liabilities 34,116 53,072 424,772 184,604 696,564 289576 996,140 Common stock shavenolders' Equity Retained Earnings Total shareholders ' Squity Total Wabilities and Shareholdes's Equity 2,386, 767 400, 627 1,000,000 1,400, 627