At December 31, 2018, Diamond Corporation has cash of $55 million, accounts receivable of $25 million, and long-term assets

Question

3 years ago

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At December 31, 2018, Diamond Corporation has cash of $55 million, accounts receivable of $25 million, and long-term assets

of $$38 million. The company owes accounts payable of $22 million and has a long-term note payable of $29 million. Diamond has common stock of $27 million and retained earnings of $40 million. Prepare Diamond Corporation's balance sheet at December 31, 2018, complete with its proper heading.

Business

1 answer:

hoa [83] · Answer 1 · 2021-12-31T16:40:16+03:00

Answer:

BALANCE SHEET AS ON DECEMBER 31, 2018

CURRENT LIABILITIES:

ACCOUNTS PAYABLE $22

LONG TERM LIABILITIES:

LONG TERM NOTE PAYABLE $29

STOCKHOLDERS EQUITY

COMMON STOCK $27

RETAINED EARNINGS $40  

Total $118

ASSETS

CURRENT ASSETS

CASH $55

ACCOUNTS RECEIVABLE $25

LONG TERM ASSETS $38

Total $118

At December​ 31, 2018​, Diamond Corporation has cash of $55 ​million, accounts receivable of $25 ​million, and​ long-term assets

At December 31, 2018, Diamond Corporation has cash of $55 million, accounts receivable of $25 million, and long-term assets