ASSETS LIABILITIES Cash $10,000 Accounts payable $12,000 Accounts receivable 100,000 Notes payable 50,000 Inventory Total current liabilities Total current assets $220,000 Long-term debt Gross PP&E 500,000 Total Liabilities $190,000 Less accumulated depreciation Net PP&E $375,000 EQUITY Total Assets Common stock ($1 par; 100,000 shares) Paid-in capital Retained earnings 150,000 Total stockholders equity Total Liabilities and Equity Reminder: A=L+E ASSETSLIABILITIESCash$10,000 Accounts payable$12,000 Accounts receivable100,000Notes payable50,000InventoryTotal current liabilitiesTotal current assets$220,000 Long-term debtGross PP&E500,000Total Liabilities$190,000 Less accumulated depreciationNet PP&E$375,000 EQUITYTotal AssetsCommon stock ($1 par; 100,000 shares)Paid-in capitalRetained earnings150,000Total stockholders equityTotal Liabilities and EquityReminder: A=L+E.

1. ASSETS LIABILITIES Cash $10,000 Accounts payable $12,000 Accounts receivable 100,000
Notes payable 50,000 Inventory Total current liabilities Total current assets $220,000 Long-term
debt Gross PP&E 500,000 Total Liabilities $190,000 Less accumulated depreciation Net PP&E
$375,000 EQUITY Total Assets Common stock ($1 par; 100,000 shares) Paid-in capital
Retained earnings 150,000 Total stockholders equity Total Liabilities and Equity Reminder:
A=L+E
ASSETSLIABILITIESCash$10,000 Accounts payable$12,000 Accounts
receivable100,000Notes payable50,000InventoryTotal current liabilitiesTotal current
assets$220,000 Long-term debtGross PP&E500,000Total Liabilities$190,000 Less accumulated
depreciationNet PP&E$375,000 EQUITYTotal AssetsCommon stock ($1 par; 100,000
shares)Paid-in capitalRetained earnings150,000Total stockholders equityTotal Liabilities and
EquityReminder: A=L+E