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Consider the following balance sheet for Go The Distance Trading Cards. Sales were $1,116,627.00 in the past year.
Go The Distance Trading Cards Balance Sheet, 2020:
Account
Amount
Assets:
Current Assets
$75,000
Net fixed Assets (Net PPE)
$225,000
TOTAL ASSETS
$300,000
Liabilities and Shareholder Equity
Current Liabilities
$50,000
Long-term liabilities (Long term debt)
$100,000
TOTAL LIABILITIES
$150,000
Shareholder equity
TOTAL LIABILITIES AND EQUITY
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