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At December​ 31, 2018​, Wave Corporation has cash of $ 50 ​million, accounts receivable of $ 19 ​million, and​ long-term assets of $ 43 million. The company owes accounts payable of $ 23 million and has a​ long-term note payable of $ 30 million. Wave has common stock of $ 24 million and retained earnings of $ 35 million. Prepare Wave ​Corporation's balance sheet at December​ 31, 2018​, complete with its proper heading.

Respuesta :

hyderali230

Answer:

                                            Wave ​Corporation

                          Balance sheet as on December 31 2018

                                                                       $, Million     $, Million

Assets

Non Current Assets

Long-term assets                                                                       43

Current Assets

Cash                                                                     50

Accounts Receivable                                         19      

Total Current Assets                                                                   69

Total Assets                                                                                112

Equity and Liabilities

Equity:

Common stock                                                    24

Retained Earnings                                              35  

Total Equity                                                                                 59

Liabilities:

Non current Liabilities

Long Term Loan note payable                          30

Current Liabilities

Accounts Payable                                               23

Total Liabilities                                                                            53

Total Equity and Liabilities                                                      112

Answer:

                                           Wave Corporation

                        Balance sheet as at 31 December, 2018

                                                               Amount in 

Otras preguntas

000   Amount in 

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000

Non Current Assets

Long-term assets                                                                       43,000

Current Assets

Cash                                                                50,000

Accounts Receivable                                      19,000      

Total Current Assets                                                                69,000

Total Assets                                                                               112,000

Equity and Liabilities

Equity:

Common stock                                                24,000

Retained Earnings                                           35,000  

Total Equity                                                                               59,000

Liabilities:

Non current Liabilities

Long Term Loan note payable                       30,000

Current Liabilities

Accounts Payable                                            23,000

Total Liabilities                                                                         53,000

Total Equity and Liabilities                                                       112,000

Explanation:

The balance sheet is a financial statement that shows the assets, owners equity and liabilities of an entity at a given date. It defines the accounting equation;

Assets = Liabilities + Equity

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