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Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash $127,000; Patents and copyrights $660,000; Accounts payable $210,000; Accounts receivable - $115,000; Tangible net fixed assets - $1,610,000; Inventory $286,000; Notes payable $155,000; Accumulated retained earnings $1,368,000; Long-term debt $830,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.)

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Answer:

Step-by-step explanation:

The preparation of the balance sheet is presented below:

Rogers Corp

Balance sheet

Assets

Cash $127,000

Account receivable $115,000

Inventories $286,000

Tangible net fixed assets $1,610,000

Patents and copyrights $660,000

Total assets $2,798,000

Liabilities

Account payable $210,000

Notes payable $155,000

Long-term debt $830,000

Total liabilities $1,195,000

Common stock $235,000 (Balancing figure)

Accumulated retained earnings $1,368,000

Total liabilities and stockholder equity $2,798,000

The cash, account receivable and inventory are come under the current assets while the account payable and the notes payable are come under the current liabilities.

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