Question:
The data listed below are taken from a balance sheet of Trident Corporation. Some amounts, indicated by
question marks, have been intentionally omitted.
Required:
1. Determine the missing amounts.
2. Prepare Trident’s classified balance sheet.
Answer:
Requirement 1
Inventories:
Current assets – Cash and cash equivalents – Short-term investments –
Accounts receivable – Prepaid expenses = Inventories
$1,594,927 – 239,186 – 353,700 – 504,944 – 83,259 = $413,838
Total assets:
Total liabilities + Shareholders’ equity = Total assets
The data listed below are taken from a balance sheet of Trident Corporation. Some amounts, indicated by
question marks, have been intentionally omitted.
Required:
1. Determine the missing amounts.
2. Prepare Trident’s classified balance sheet.
Answer:
Requirement 1
Inventories:
Current assets – Cash and cash equivalents – Short-term investments –
Accounts receivable – Prepaid expenses = Inventories
$1,594,927 – 239,186 – 353,700 – 504,944 – 83,259 = $413,838
Total assets:
Total liabilities + Shareholders’ equity = Total assets
