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 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

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