Use the Balance Sheet of Michigan,Inc $\text {Michigan, Inc.}$ $\text {Comparative Balance Sheet}$

question 150

Essay

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