is Question: 10 pts 1 of 28 This Quiz: 100 pts poss At December 31, 2016, Fortun

Question

is Question: 10 pts 1 of 28 This Quiz: 100 pts poss At December 31, 2016, Fortune Enterprises has cash of $51 million, accounts necivable of $21 million, and long-erm assets of $44 milion. The Fortune Enterprises has common stock of $26 milion and rotained earnings of $39 milion. Propare Fortune Enorprise's balance sheet at December 31, 2016, complete with its proper heading. company owes accounts payable of $19 milion and has a long-term note payable of $32 million Start with the heading and then complete the assets section of the statement and fnally completo the lablities and stockholders' equily section of the statement. (Enter all amounts in millions Classily the balance sheet by selecting the proper te on all applicable sublctal lines In the first part completo the empty, do not select a label or enter a zera assets section of the balance sheet. In the second part completo ho liabilities and stockholders equly section of the balance sheet. Iif a box is not used in the table leave the box n millions) In millions) Current assets: Current liabilites Total asses Total liabilities and stockholders' equity Choose trom any list or enter any number in the input felds and te continue to the Bave for Later 8 2 5

Explanation / Answer

Balance sheet :

Assets Liabilities Current assets Current Liabilities Cash 51 Account payable 19 Account receivable 21 Long term Liabilities Total Current Assets 72 Notes payable 32 Total Liabilities 51 Non Current Assets Shareholder's equity Long Term Assets 44 Common stock 26 Retained earnings 39 Total Shareholder's equity 65 TOTAL ASSETS 116 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 116

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