Prepare a balance sheet using the information given below. Make sure t

Prepare a balance sheet using the information given below. Make sure to identify current assets, net fixed assets,
total assets, current liabilities, long-term debt, total equity, and total liabilities and equity.

Gross fixed assets $40,000
Cash $18,000
Other assets $5,000
Accumulated depreciation $30,000
Common stock $43,000
Short-term notes payable $12,000
Accounts payable $35,000
Inventories $122,000
Retained earnings $100,000
Accounts receivable $60,000
Long-term notes payable $10,000
Long-term bonds payable $15,000
Sales $300,000
Cost of goods sold $150,000
Depreciation expense $3,000

ANSWER

Cash $18,000 Accounts payable $35,000
Accounts receivable 60,000 Short-term notes payable 12,000
Inventories 122,000 Current liabilities 47,000
Current assets 200,000 Long-term notes payable 10,000
Gross fixed assets 40,000 Long-term bonds payable 15,000
Less: Accumulated Depreciation (30,