Question

The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Some amounts, indicated by question marks, have been intentionally omitted. ($ in thousands) Cash and cash equivalents $ 239,186 Short-term investments 353,700 Accounts receivable 504,944 Inventory ? Prepaid expenses (current) 83,259 Total current assets 1,594,927 Long-term receivables 110,800 Equipment (net) ? Total assets ? 31,116 Notes payable (current) Accounts payable ? Accrued liabilities 421,772 Other current liabilities 181,604 693,564 Total current liabilities Long-term debt Total liabilities ? 956,140 Common stock 370,627 Retained earnings 1,000,000 Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Include headings for each classification, as well as titles for each classification's subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter.

Please provide written out solution

Answer 1

Solution 1. Total Current Assets     $1594,927

Less: Cash & Cash equivalent (239186)

Short term Investments   (353700)

Accounts Receivable (504944)

Prepaid Expenses (83259)

Inventory 413,838

  Total Current Laibilities       693,564

Less: Notes payable(current) (31,116)

Accrued Liabilities (421,772)

Other current Liabilities (181,604)

Accounts Payable 59,072

Total Labilities 956,140

Less: Total Current Liabilities (693,564)

Long term debt    262,576

Total Liabilities & Equity

Total Liabilities 956,140

Total Equity     1370,627

Total Liabilities & Equity 2326,767 = Total Assets side

Total Assets 2326,767

Less: Total Current Assets (1594,927)

Long term Receivables (110,800)

Equipment (net) $621,040

2. Trident Corporation Balance shee

Equity & Liabilities	$	$
1.Shareholders Fund
Share Capital		1,000,000
2.Reserve & Surplus:
Retained earnings		370,627
3.Non-Current Laibilities
(a) Long term borrowings		262,576
4.Current Liabililties:
a.Notes payable	31,116
b.Accounts Payable	59,072
c.Accrued Liablities	421,772
d.Other current Liabilities	181,604	693,564
	$	2326,767
Assets
1.Non-Current Assets:
a. Long term receivable	110,800
b.Equipment (net)	621,040	731,840
2.Current Assets:
a.Short term Investments	353,700
b.Accounts Receivable	504,944
c. Inventory	413,838
d.Prepaid Expenses	83,259
e.Cash	239,186	1594,927
	$	2326,767