At December 31 2014 Washington Products has cash of 21000 re

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

Solution

**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