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Problem - Use the following information to answer the questions. A company reports the following on its balance sheet:
Cash: $10,000,
Accounts receivable: $20,000 Inventory: $14,000
Prepaid expenses: $3,000
Property, plant, and equipment: $35,000 Accumulated depreciation: $2,000 Accounts payable: $5,000
Accrued expenses: $6,000
Short-term notes: $7,000
Long-term notes: $10,000
Capital stock: $40,000
Retained earnings: $12,000
Required -
a) What are the company's total liabilities?
b) What is the company's total equity?
c) Prepare a balance sheet for the above information?
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