Prepare a 2021 balance sheet for Willis Corporation based on the following information: Cash $133,000; Patents and copyrights = $630,000; Accounts payable = $213,500: Accounts receivable = $127,500; Tangible net fixed assets= $1,635,000; Inventory = 5296,000; Notes payable = $190,000; Accumulated retained earnings = $1,266,000; Long-term debt = $851,000. (Be sure to list the accounts in order of their liquidity. Do mot round intermediate calculations.)

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Prepare a 2021 balance sheet for Willis Corporation based on the following information:
Cash $133,000; Patents and copyrights = $630,000; Accounts payable = $213,500:
Accounts receivable $127,500; Tangible net fixed assets= $1,635,000; Inventory =
$296,000; Notes payable = $190,000; Accumulated retained earnings = $1,266,000;
Long-term debt = $851,000. (Be sure to list the accounts in order of their liquidity. Do
not round intermediate calculations.)
Total assets
Assets
WILLIS CORPORATION
Balance Sheet
Liabilities and Equity
Current liabilites
Total liabilities
Total liabilities & owners' equity
Transcribed Image Text:Prepare a 2021 balance sheet for Willis Corporation based on the following information: Cash $133,000; Patents and copyrights = $630,000; Accounts payable = $213,500: Accounts receivable $127,500; Tangible net fixed assets= $1,635,000; Inventory = $296,000; Notes payable = $190,000; Accumulated retained earnings = $1,266,000; Long-term debt = $851,000. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) Total assets Assets WILLIS CORPORATION Balance Sheet Liabilities and Equity Current liabilites Total liabilities Total liabilities & owners' equity
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