At December 31 2014 Washington Products has cash of 21 000
At December 31, 2014, Washington Products has cash of $21,000, receivables of $17,600, and inventory of $79,000. The company’s equipment totals $185,000. Washington owes accounts payable of $25,000 and long-term notes payable of $169,000. Common stock is $30,500. Prepare Washington’s balance sheet at December 31, 2014, complete with its proper heading. Use the accounting equation to compute retained earnings.

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