Question Help S114 similar to At December 31 2016 Flowor Ent

Question Help S1-14 (similar to At December 31, 2016, Flowor Entorprises has cash of $53 million, accounts receivable of $22 million, and long-term assets of $38 million. The company owes accounts payable of $18 million and has a long-term note payable of $30 million. Flower Enterprises has common stock of $25 milion and retained earnings of $40 million. Prepare Flower Enterprise\'s balance sheet at December 31, 2016, complete with its proper heading. Start with the heading and then complete the assets section of the statement and finally complete the liabilities and stockholders\' equity section of the statement. (Enter all amounts in millions. Classify the balance sheet by selecting the proper tite on all applicable subtotal lines. In the first part complete the assets section of the balance sheet.In the second part compiete the labilties and stockholders equity section of the baiance shoet. If a box is not used in the table leave the box empty: do not select a label or enter a zero.)

Solution

Total Assets: Current assets: Cash 53 Accounts rececivable 22 Total current assets 75 Long term assets 38 Total Assets: 113 Total Liabilities: Current liabilities-Accounts payable 18 Long term liabilities-Notes payable 30 Total Liabilities: 48 Stockholder\'s equity: Common Stock 25 Retained earnings 40 Stockkholder\'s equity 65 Total liabilities and Equity 113