Exercise 5-12 presented below is the trial balance of larkspur corporation at december 31, 2017. debit credit cash $ 200,490 sales $ 8,104,080 debt investments (trading) (cost, $145,000) 157,080 cost of goods sold 4,800,000 debt investments (long-term) 302,490 equity investments (long-term) 280,490 notes payable (short-term) 94,080 accounts payable 459,080 selling expenses 2,004,080 investment revenue 64,820 land 264,080 buildings 1,043,490 dividends payable 139,490 accrued liabilities 100,080 accounts receivable 439,080 accumulated depreciation-buildings 152,000 allowance for doubtful accounts 29,080 administrative expenses 901,820 interest expense 212,820 inventory 600,490 gain (extraordinary) 81,820 notes payable (long-term) 903,490 equipment 604,080 bonds payable 1,003,490 accumulated depreciation-equipment 60,000 franchises 160,000 common stock ($5 par) 1,004,080 treasury stock 195,080 patents 195,000 retained earnings 81,490 paid-in capital in excess of par 83,490 totals $12,360,570 $12,360,570 prepare a balance sheet at december 31, 2017, for larkspur corporation. (ignore income taxes). (list current assets in order of liquidity. list property, plant and equipment in order of land, building and equipment. enter account name only and do not provide the descriptive information provided in the question.)

       2017Balance Sheet

$1,368,060  TOTAL CURRENT ASSETS  

$2,637,630  TOTAL NONCURRENT ASSETS  

$4,005,690  TOTAL ASSETS  

   $792,730  TOTAL CURRENT LIABILITIES  

$1,906,980  TOTAL NONCURRENT LIABILITIES  

$2,699,710  TOTAL LIABILITIES  

$1,305,980  TOTAL EQUITY  

$4,005,690  TOTAL EQUITY + LIABILITIES  

Explanation:

Liquidity it's define as the speed of an assets to be converted to cash,

the assets that take less days to buy or to sold are more liquid than others.

Cash it's the assets most liquid then are the Accounts Receivables and Inventories for last, in the middle exist different assets as Equity investments.

Prepaid expenses are not liquid because these accounts doesn't means the company could get cash if not that the company have  rights over something.

      2017Balance Sheet

$200,490Cash

$157,080Debt Investments  

$410,000Accounts Receivable

$600,490Inventory

$1,368,060  TOTAL CURRENT ASSETS  

$264,080Land

$604,080Equipment

-$60,000Accum Depreciation

$1,043,490Buildings

-$152,000Accum Depreciation

$195,000Patents

$280,490Equity  Investments  

$160,000Other Assets Intangibles

$302,490Debt Investments  

$2,637,630  TOTAL NONCURRENT ASSETS  

$4,005,690  TOTAL ASSETS  

$459,080  Accounts Payable  

$94,080   Notes Payable  

$100,080  Accrued Liabilities  

$139,490  Dividends Payable  

$792,730  TOTAL CURRENT LIABILITIES  

$903,490  Notes Payable  

$1,003,490  Bond Payable  

$1,906,980  TOTAL NONCURRENT LIABILITIES  

$2,699,710  TOTAL LIABILITIES  

$1,004,080  Common Stock  

-$195,080  Treasury Stocks  

$83,490    Paid in Capital  

$413,490  Retained Earnings  

$1,305,980  TOTAL EQUITY  

$4,005,690  TOTAL EQUITY + LIABILITIES  

Income Statement  

Sales                         $8,104,080  

Depreciation          -$4,800,000  

MARGEN BRUTO  $3,304,080  

Selling Expenses    -$2,004,080  

Adm Expenses            -$901,820  

Interest Expenses         -$212,820  

Income Statement         $185,360  

Investment Revenue        $64,820  

Gain                                $81,820  

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