Question

Problem 3-2 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, 2018.

Required:
1. Determine the missing amounts.
2. Prepare Trident's classified balance sheet.

1-

Determine the missing amounts. (Enter the answers in thousands of dollars.)

($ in 000s) Cash and cash equivalents $241,286 Short-term investments 356,700 Accounts receivable (net of allowance) 507,944 Inventories Prepaid expenses (current) 86,259 Total current assets 1,624,927 Long-term receivables 113,800 Property and equipment (net) Total assets Notes payable and short-term debt 34,116 Accounts payable Accrued liabilities 424,772 Other current liabilities 184,604 Total current liabilities 696,564 Long-term debt and deferred taxes Total liabilities 986,140 Shareholders' equity 1,400,627

2-
	TRIDENT CORPORATION Balance Sheet ($ in 000s) At December 31, 2018 0 $0 0 0 $0

• 
  

Answer 1

1.

	($ in 000s)
Cash and cash equivalents	$241,286
Short-term investments	356,700
Accounts receivable (net of allowance)	507,944
Inventories	432,738
Prepaid expenses (current)	86,259
Total current assets	1,624,927
Long-term receivables	113,800
Property and equipment (net)	648,040
Total assets	$2,386,767
Notes payable and short-term debt	34,116
Accounts payable	53,072
Accrued liabilities	424,772
Other current liabilities	184,604
Total current liabilities	696,564
Long-term debt and deferred taxes	$289,576
Total liabilities	986,140
Shareholders' equity	1,400,627

2.

TRIDENT CORPORATION
Balance Sheet
At December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$241,286
Short-term investments	356,700
Accounts receivable, net of allowance for   uncollectible accounts	507,944
Inventories	432,738
Prepaid expenses	86,259
Total current assets	1,624,927
Investments:
Long-term receivables	113,800
Property and equipment (net)	648,040
Total assets	$2,386,767
Liabilities and Shareholders' Equity
Current liabilities:
Notes payable and short-term debt	$34,116
Accounts payable	53,072
Accrued liabilities	424,772
Other current liabilities	184,604
Total current liabilities	696,564
Long-term debt and deferred taxes	289,576
Total liabilities	986,140
Shareholders’ equity	1,400,627
Total liabilities and shareholders’ equity	$2,386,767