The following accounts and balances were taken from the financial statements of Books & Media, Inc. For each item, identify the financial statement(s) on which the item would appear. Then, identify each balance sheet item as an asset, a liability, or a shareholders’ equity account.
Inventory ............ $ 81,250
Accounts payable ........... 52,300
Cash ................ 77,880
Short-term notes payable ........ 32,200
Net cash from investing activities .... 49,300
Building .............. 76,475
Common stock ........... 105,000
Retained earnings .......... 63,000
Net cash from financing activities ..... 21,080
Accounts receivable ......... 44,270
Long-term mortgage payable ...... 54,000
Taxes payable ............ 1,500
Net cash from operating activities .... 34,350