Question

McFadden Corp. reports the following balances on its December 31, 20X2, balance sheet:

Amounts in Thousands:

Accounts payable $ 70

Accounts receivable 140

Accumulated depreciation 340

Fixed assets (net) 900

Inventory 150

Long-term debt 370

Paid in excess 160

Retained earnings 380

Total assets 1,300

Total liabilities 500 (long-term debt + current liabilities)

All of the remaining accounts are listed below. Calculate the balance in each. Enter your answers in thousands. For example, an answer of $200 thousands should be entered as 200, not 200,000.

Assets (in thousand)    Liabilities & Equity (in thousand)

Cash   $_______ Accounts Payable $_______

Accounts Rec. $____ Accruals $_______

Inventory $_______      Total Current liabilities $_______

Total Current Assets $_____

Long Term Debt $_______

Fixed Assets (Gross) $______

Accumulated Depr. $_______   Common Stock $_______    

Fixed Assets (Net) $______ Paid In Excess $_______

Retained Earnings   $_______

Total Assets $_______     Total Equity $_______    

Total Liabilities & Equity $_______

Answer 1

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