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Construct a balance sheet for Sophie’s Sofas given the following data: Cash balances = $ 15,000 Inventory of...

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Finance

Construct a balance sheet for Sophie’s Sofas given the followingdata:

Cash balances = $ 15,000

Inventory of sofas = $ 250,000

Store and property = $ 150,000

Accounts receivable = $ 27,000

Accounts payable = $ 22,000

Long-term debt = $ 220,000

Answer & Explanation Solved by verified expert
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Sophie’s Sofas  
Balance Sheet
Liabilities Amount ($) Assets Amount ($)
Stockholder's Equity Fixed Assets
Owners Equity (B/f)          2,00,000 Stores and Property           1,50,000
Liabilities Current Assets
Accounts Payable            22,000 Cash              15,000
Long-term Debt          2,20,000 Inventory           2,50,000
Accounts Receivables              27,000
TOTAL        4,42,000 TOTAL          4,42,000

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Transcribed Image Text

Construct a balance sheet for Sophie’s Sofas given the followingdata:Cash balances = $ 15,000Inventory of sofas = $ 250,000Store and property = $ 150,000Accounts receivable = $ 27,000Accounts payable = $ 22,000Long-term debt = $ 220,000

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