At December 31, 2014, Washington Products has cash of $21,000, receivablos of $1

Question

At December 31, 2014, Washington Products has cash of $21,000, receivablos of $17,600, and inventory of $79,000. The company's equipment totals $185,000. Washington owes accounts payable of $25,000 and long-term notos payable of $169,000 Common stock is $30,500 Prepare Washington's balance sheet at December 31, 2014, complete with its proper heading. Use the accounting equation to compute retained eamings equity secuon or tne suteren(Classiry tnie company s assers and liaouioes as uner current or ioing term. ir Dox is not used the table leave the box empty, do not select a label or enter a zero.) Assets Current assets: Current labilities: Long-term liabilities: Total current assets Stockholders' equity Choose from any list or enter any number in the input fields and then continue to the next question. 8 MacBook Air esc FI F2 F3 F4 FS

Explanation / Answer

**Total stockholders equity = Total asset- TotAL liabilities

     = 302600-194000

     = 108600

Retained earning = Total equity -common stock

   = 108600-30500

    = 78100

WASHINGTON PRODUCTS BALANCE SHEET As at December 31,2014 Asset Liabilities current Asset current liability cash 21000 Accounts payable 25000 Receivables 17600 Non current liability Inventory 79000 longterm note payable 169000 Total current asset 117600 Total liabilities 194000 Non current asset Sockholders equity Equipment 185000 common stock 30500 Retained earning** 78100 Total stockholders equity 108600 Total asset 302600 Total liabilities and stockholders equity 302600

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