P2. 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 - $------
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