Answer:
2019 Balance Sheet
$2,200,000 Cash
$2,200,000 Accounts Receivable
$750,000 Prepaid Insurance
$3,500,000 Debt Investment
$1,500,000 Inventory
$10,150,000 TOTAL CURRENT ASSETS
$11,800,000 Equipment
-$5,100,000 Accum Depreciation
$300,000 Stock Investment
$7,000,000 TOTAL NONCURRENT ASSETS
$17,150,000 TOTAL ASSETS
$1,400,000 Accounts Payable
$400,000 Notes Payable
$1,800,000 TOTAL CURRENT LIABILITIES
$500,000 Notes Payable
$1,000,000 Long Term Debt
$1,500,000 TOTAL NONCURRENT LIABILITIES
$3,300,000 TOTAL LIABILITIES
$10,750,000 Common Stock
$3,100,000 Retained Earnings
$13,850,000 TOTAL EQUITY
$17,150,000 TOTAL EQUITY + LIABILITIES
Explanation:
Account of Current Assets , the criteria is to have a liquidity speed less of one year
Cash
Accounts Receivable
Prepaid Insurance
Debt Investment
Inventory
Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets
Equipment
Accum Depreciation
Stock Investment
Account of Current Liabilities , the criteria is to have a liquidity speed less of one year
Accounts Payable
Notes Payable Short Term
Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing
Notes Payable Long Term
Long Term Debt
Account of Total Equity
Common Stock
Retained Earnings
