Question

At December​ 31, 2018​, Heart Corporation has cash of $ 50 ​million, accounts receivable of $ 21 ​million, and​ long-term assets of $ 36 million. The company owes accounts payable of $ 19 million and has a​ long-term note payable of $ 27 million. Heart has common stock of $ 23 million and retained earnings of $ 38 million. Prepare Heart ​Corporation's balance sheet at December​ 31, 2018​, complete with its proper heading.

Answer 1

Step-by-step explanation:

The balance sheet comprises the assets, liabilities and the stockholder equity. With the help of the accounting equation, the total assets are equal to the total liabilities including stockholder's equity.

In mathematically,

Total assets = Total liabilities + stockholder equity

The preparation of the balance sheet is presented in the spreadsheet. Kindly find the attachment below: