ABC

Date:

Assets 2020
Current Assets
Cash 11,874
Accounts receivable 12,000
Inventory 20,000
Prepaid expenses 120,000
Short-term investments 500,000
Total current assets $ 663,874
Fixed (Long-Term) Assets
Long-term investments 1,208
Property, plant, and equipment 15,340
(Less accumulated depreciation) (2,200)
Intangible assets
Total fixed assets $ 14,348
Other Assets
Deferred income tax 1,000
Other 100
Total Other Assets $ 1,100

Total Assets $ 679,322

Liabilities and Owner's Equity

Current Liabilities
Accounts payable 8,060
Short-term loans 300
Income taxes payable 3,300
Accrued salaries and wages 100,000
Unearned revenue 1,000
Current portion of long-term debt 50,000
Total current liabilities $ 162,660
Long-Term Liabilities
Long-term debt 3,450
Deferred income tax 10
Other 300
Total long-term liabilities $ 3,760
Owner's Equity
Owner's investment 7,178
Retained earnings 4,389
Other
Total owner's equity $ 11,567
Total Liabilities and Owner's Equity $ 177,987
 Balance Sheet

2019

11,000
9,000
10,000
200,000
200,000
$ 430,000

300
12,000
3,000
200
$ 15,500

2,000
2,000
$ 4,000

$ 449,500

6,000
50
2,150
50,000
2,000
10,000
$ 70,200

2,000
10
500
$ 2,510

1,000
5,000

$ 6,000
$ 78,710