Question

Prepare a balance sheet for Alaskan Strawberry Corp. as of December 31, 2016, based on the following information: cash = $196,000; patents and copyrights = $850,000; accounts payable = $293,000; accounts receivable = $256,000; tangible net fixed assets = $5,130,000; inventory = $541,000; notes payable = $186,000; accumulated retained earnings = $4,616,000; long-term debt = $1,220,000. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

Answer 1

Step-by-step explanation:

Balance sheet: In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:

Total assets = Total liabilities + stockholder equity

The debit and credit side of the balance sheet should always be equal and balanced.

Moreover, it always is prepared on the specified date.

The balancing figure is come under the common stock

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