Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtota lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the table leave the field empty; do not sel label or enter a zero.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 2021, Womack Products has cash of $19,000, receivables of $20,000, and inventory of $77,000. The company's equipment totals $181,000. Womack owes accounts payable of $27,000 and long-term notes payable of
$168,000. Common stock is $35,500.
Read the requirement.
Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtotal
lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the table leave the field empty; do not select a
label or enter a zero.)
Womack Products
Balance Sheet
December 31, 2021
Assets
Current assets:
Cash
19,000
Receivables
20,000
Inventory
77,000
181000
Equipment
$ 297,000
Total assets
Transcribed Image Text:At December 31, 2021, Womack Products has cash of $19,000, receivables of $20,000, and inventory of $77,000. The company's equipment totals $181,000. Womack owes accounts payable of $27,000 and long-term notes payable of $168,000. Common stock is $35,500. Read the requirement. Start with the heading and then complete the assets section of the statement. Finally complete the liabilities and stockholders' equity section of the statement. (Classify the balance sheet by selecting the proper title on all applicable subtotal lines. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Womack Products Balance Sheet December 31, 2021 Assets Current assets: Cash 19,000 Receivables 20,000 Inventory 77,000 181000 Equipment $ 297,000 Total assets
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