Balance Sheet

ABC, Incorporated

December 31, 2014

Cash 23,000

Gross accounts receivable 40,000

Allowance for doubtful accounts. (2,000)

Net accounts receivable 38,000

Inventories 54,000

Current assets 115,000

Gross fixed assets 486,000

Accumulated depreciation (51,000)

Net fixed assets 435,000

Total assets 550,000

Short-term bank loan (notes payable) 18,000

Accounts payable 39,000

Accrued expenses 8,000

Current portion of L.T. Debt 6,000

Current liabilities 71,000

Long term debt 210,000

Total liabilities 281,000

Common stock (P0.20 par) 45,000

Additional paid-in capital 86,000

Retained earnings 138,000

Total liabilities and equity 550,000