Knowledge

Use your knowledge of balance sheets to fill in the missing amounts: Assets: CASH – $10,000 ACCOUNTS RECEIVABLE – $100,000 INVENTORY – $—— TOTAL CURRENT ASSETS – $220,000 GROSS PLANT AND EQUIPMENT – $500,000 LESS: ACCUMULATED DEPRECIATION -$ —— NET PLANT AND EQUIPMENT – $375,000 TOTAL ASSETS – $—— Liabilities: ACCOUNTS PAYABLE – $12,000 NOTES PAYABLE – $50,000 TOTAL CURRENT LIABILITIES – $—— LONG-TERM DEBT – $—— TOTAL LIABILITIES – $190,000 COMMON STOCK ($1 per 100,000 shares) -$ —— PAID-IN CAPITAL – $—— RETAINED EARNINGS – $150,000 TOTAL STOCKHOLDERS’ EQUITY – $—— TOTAL LIABILITIES AND EQUITY – $——