Reconstructing a Balance Sheet
Van Gogh’s fragmentary balance sheet is shown below.
|
Assets |
Liabilities and Owners’ Equity |
||
|
Current assets |
Current liabilities |
||
|
Cash |
$ 210,000 |
Accounts payable |
$ 250,000 |
|
Accounts receivable |
466,000 |
Notes payable |
? |
|
Inventories |
812,000 |
Accrued expenses |
275,000 |
|
Prepaid expenses |
? |
Total current liabilities |
? |
|
Total current assets |
1,520,000 |
Noncurrent liabilities |
|
|
Property, plant, and |
Bonds payable |
350,000 |
|
|
equipment |
Mortgage payable |
250,000 |
|
|
Land |
? |
Total noncurrent |
|
|
Buildings and |
865,000 |
liabilities |
? |
|
equipment |
Total liabilities |
1,600,000 |
|
|
Less: Accumulated |
Shareholders’ equity |
||
|
depreciation |
313,0000 |
Invested capital |
500,000 |
|
Net book value |
552,000 |
Retained earnings |
? |
|
Total property, plant, |
Total shareholders’ |
||
|
and equipment |
938,000 |
equity |
858,000 |
|
Total assets |
? |
Total liabilities and |
|
|
shareholders’ |
|||
|
equity |
? |
||
Required
Determine the missing figures and reconstruct the balance sheet in its proper format.