11 liabilities are economic obligations of the organization to outsiders or claims a 4307461

11) Liabilities are economic obligations of the organization to outsiders, or claims against its assets by outsiders.

12) Accountants use the terms notes payable or notes receivable to describe the existence of promissory notes.

13) Examples of assets include cash, inventory, and capital stock.

14) Inventory is goods held by a company for the purpose of sale to customers, and is considered a liability on the balance sheet.

15) A balance sheet is dated for a period of time, such as “for the year ended December 31, 20X2.”

16) Owners' equity is the residual interest in the organization's assets after deducting liabilities.

17) Long-term debt $ 190

Cash (1)

Total stockholders' equity (2)

Total liabilities (3)

Accounts receivable 450

Common stock 75

Inventory 375

Accounts payable 575

Property, plant, and equipment 525

Additional stockholders' equity 650

Other assets 200

Other liabilities (4)

Total assets 2,000

Using the balance sheet equation as a starting point, determine the missing amounts: (1), (2), (3), and (4) above.

18) What is the purpose of a balance sheet?

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