Use the Balance Sheet of Michigan, Inc $\quad$ $\quad$

question 151

Essay

Use the balance sheet of Michigan, Inc. to calculate working capital for 2019 and 2018.
Michigan, Inc.
Comparative Balance Sheet
December 31,2019 and 2018
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$2019 \quad 2018$ Assets
$$\begin{array} { l l l } \text { Total Cument Assets } & \$ 200,000 & \$ 100,000 \\\text { Property, Plant, and Equipment, Net } & 550,000 & 500,000 \\\text { Other Assets } & \$ 50,000 & \$50,000 \\\text { Total Assets } & \$ 800,000 & \$ 650,000\end{array}$$ Liabilities
$$\begin{array} { l l l } \text { Total Current Liabilities } & \$ 150,000 & \$ 100,000 \\\text { Long-term Debt } & \underline { 350,000 } & \underline { 250,000 } \\\text { Total Liabilities } & \underline{500,000} & \underline { 3 5 0 , 0 0 0 }\end{array}$$ Stockholders' Equity
$\begin{array}{lll}\text { Total Stockholders' Equity } & \underline{300,000}&\underline{\$ 300,000} \\\text { Total Liabilities and Stockholders' Equity } & \$ 800,000 & \$ 650,000\end{array}$