Answer:
Explanation:
The preparation of the balance sheet is presented below:
Rogers Corp
Balance sheet
Assets
Cash $127,000
Account receivable $115,000
Inventories $286,000
Tangible net fixed assets $1,610,000
Patents and copyrights $660,000
Total assets $2,798,000
Liabilities
Account payable $210,000
Notes payable $155,000
Long-term debt $830,000
Total liabilities $1,195,000
Common stock $235,000 (Balancing figure)
Accumulated retained earnings $1,368,000
Total liabilities and stockholder equity $2,798,000
The cash, account receivable and inventory are come under the current assets while the account payable and the notes payable are come under the current liabilities.
