At December 31, 2018 , Wave Corporation has cash of $ 50 million, accounts receivable of $ 19 million, and long-term assets of $ 43 million. The company owes accounts payable of $ 23 million and has a long-term note payable of $ 30 million. Wave has common stock of $ 24 million and retained earnings of $ 35 million. Prepare Wave Corporation's balance sheet at December 31, 2018 , complete with its proper heading.

Wave Corporation

Balance sheet as at 31 December, 2018

Amount in $'000 Amount in $'000

Non Current Assets

Long-term assets 43,000

Current Assets

Cash 50,000

Accounts Receivable 19,000

Total Current Assets 69,000

Total Assets 112,000

Equity and Liabilities

Equity:

Common stock 24,000

Retained Earnings 35,000

Total Equity 59,000

Liabilities:

Non current Liabilities

Long Term Loan note payable 30,000

Current Liabilities

Accounts Payable 23,000

Total Liabilities 53,000

Total Equity and Liabilities 112,000

Explanation:

The balance sheet is a financial statement that shows the assets, owners equity and liabilities of an entity at a given date. It defines the accounting equation;

Assets = Liabilities + Equity

Wave Corporation

Balance sheet as on December 31 2018

$, Million $, Million

Assets

Non Current Assets

Long-term assets 43

Current Assets

Cash 50

Accounts Receivable 19

Total Current Assets 69

Total Assets 112

Equity and Liabilities

Equity:

Common stock 24

Retained Earnings 35

Total Equity 59

Liabilities:

Non current Liabilities

Long Term Loan note payable 30

Current Liabilities

Accounts Payable 23

Total Liabilities 53

Total Equity and Liabilities 112