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DENIUS [597]
4 years ago
12

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]4 years ago
3 0

Answer:

                               BALANCE SHEET AS ON DECEMBER 31, 2018

<u>CURRENT LIABILITIES:</u>

ACCOUNTS PAYABLE                                                                       $22

<u>LONG TERM LIABILITIES:</u>

LONG TERM NOTE PAYABLE                                                           $29

<u>STOCKHOLDERS EQUITY</u>

COMMON STOCK                                                                              $27

RETAINED EARNINGS                                                                       <u>$40 </u><u> </u>                                                                                                          

                                                                  Total                                $118    

ASSETS

<u>CURRENT ASSETS</u>

CASH                                                                                                   $55

ACCOUNTS RECEIVABLE                                                                  $25

<u>LONG TERM ASSETS</u>                                                                        <u> $38</u>

                                                                  Total                                  $118

                                                                                                             

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