Question

Problem 3-2 (Algo) Balance sheet preparation; missing elements (LO3-2, 3-3) 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. ences Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) (5 in 000s) S 240 286 355,700 506.944 Cash and cash equivalents Short-term investments Accounts receivable Inventory Prepaid expenses (current) Total current assets Long-term receivables Equipment (net) 85,259 1,614,927 112.800 Talent

Answer 1

Solutioo: Determination of missing amounts: of Equipment (net). Calcultation Particulars Anueunt ($) Total assets (ie, Fixed & Current) 2,366,767 Less: Total current assets 1,614,927) .: Total Fixed assets 751,840 | 112,800) Less: Long term receivables 1639,040 Equipment Civet) NOTE: Here; Total Fixed asset = hang term receivables + Equipient cet)

Calculation of Inwentory Amount ($) Particulars Total Current Assets. Less: cash and cash equivalents - Less: Short term investments Less: Accounts receivable. Lexs: Prepaid enpense (current) 1,614,927 240,286) |(355,700) (506, 944) (85,259) Inventory | 426,738

• Calculation of Accounts Payable Particulars Amount ($) Total Current Liabilities: 695,564 Less. Accrued Liabilities: | (2423,772) hess. Other current Liabilities (183,604) Less: Notes Payable Caurrent) |(33, 116) Accounts Payable 55,072 Calculations of long-term debt! Particulars Amount ($) Total Liabilities [long term + Curent] 1976,140 |(695,564) Less: Total Current Liabilities 280,576 . Long term debt

Smount ) ASSETS, 1426.738 Iso6.944 85.259 355.100 solutions 2 TRIDENT CORPORATION Balance sheet C$ in 000) At December 31, 2021 Posturilans CURRENT ASSETS! Inwentory Accounts Receivables Prepaid expense (current). Short term investments Cash and cash equivalents Total Current Assets Investments : Long term receivables Property, Plant and Equipoñent: Equipment (Net) Total Assets. (240.286 16 14.927 112.800 639.040 2,366-767 33-116 Accounts Payable LIABILITIES AND SHAREHOLDER'S EQUITY: Current Liabilities: Notes Payable Current). Accrued Lialoilities other current Liabilities Total Current Leabilities Long-term liabilities: Long-team debt Total Liabilities 55.072 423.772 183.604 695-564 280-576 976.140 Shareholdes's Equity Common stock. Retained Esanings 390-627 1000.000 1390.627 Total Shareholdes's Equity Total Liabilities and shareholder's Equity 2,366-767