Question

E1-3 Preparing a Balance Sheet (L02, LO3) Designer Footwear inc. is a designer shoe warehouse that sells luxurious and fashionable shoes at prices that people can actually afford. Its balance sheet, at November 1, 2017, contained the following isted alphabetically, amounts in thousands). Accounts Payable Accounts Receivable Cash Contributed Capital Notes Payable Other Assets Other Liabilities Property, Plant, and Equipment Retained Earnings Total Assets Total Liabilities and Shareholders' Equity $126,469 17,864 48,270 313, 712 109, 322 512,888 87,536 247,815 189,798 826,837 7 Required: 1. Prepare the balance sheet as of November 1 solving for the missing amount. (Enter your answers in thousands.) DESIGNER FOOTWEAR INC. Balance Sheet At November 1, 2017 (in thousands) Assets Total Assets Liabilities Total liabilities Shareholders' equity Total shareholders' equity Total abilities and shareholders' equity

Answer 1

Required: Balance sheet

Assets:
Account receivable	$17,864
Cash	$48,270
Other assets	$512,888
Property, plant and equipment	$247,815
Total assets	$826,837
Liabilities:
Account payable	$126,469
Other liabilities	$87,536
Notes payable	$109,322
Total liabilities	$323,327
Stockholder's equity:
Contributed capital	$313,712
Retained earnings	$189,798
Total stockholder's equity	$503,510
Total liabilities and stockholder's equity	$826,837

Required 2: Most of financing of assets comes from shareholder's.