Prepare a 2017 balance sheet for Jarrow Corp. based on the following information: cash = $142,000;
patents and copyrights = $630,000;
accounts payable = $219,500;
accounts receivable = $162,500;
tangible net fixed assets = $1,655,000;
inventory = $300,500;
notes payable = $115,000;
accumulated retained earnings = $1,248,000;
long-term debt = $860,000.
(Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.)

Answer and Explanation:

The preparation of the balance sheet is presented below:

Assets                                                  Liabilities & Equity

Cash             $142,000                       Account payable    $219,500

Account receivable     $162,500       Note payable             $115,000

Inventory       $300,500                     Long term debt      $860,000                                        

Tangible net fixed assets $1,655,000   Common stock  $447,500

                                                               (Balancing figure)

Patents & copyrights  $630,000   Acc retained earnings $1,248,000

Total assets      $2,890,000               Total liabilities & Equity $2,890,000

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