Using the following information, prepare a balance sheet for Midsize Corporation:

Question

Total Current Assets
$11,800,000
Gross Fixed Assets
$15,000,000

Cash
?
Stockholders' Equity
$6,450,000

Inventory
$5,800,000
Accrued Expenses
$600,000

Accounts payable
$4,200,000
Notes Payable
$3,800,000

Taxes Payable
$200,000
Retained Earnings
?

Accrued Depreciation
$6,800,000
Long-term Debt
$4,750,000

Accounts Receivable
$3,600,000
Common Stock
($1 par) = $2,000,000

Marketable Securities
$2,000,000
Capital Paid In Excess of Par
$1,000,000