ABC Company is preparing for an audit. To begin with, they are evaluating the balances in each account of the trial balance. Using the attached trial balance, enter the balances for the following accounts:
Cash: ................................................................$7,500
Finished goods inventory:........................................$1,000
Receivables: .........................................................$500
Machinery and equipment: ......................................$3,000
Building: ...........................................................$5,000
Common stock: .................................................$11,500
Bank loan (to be repaid in 3 years): ...........................$4,000
Accounts payable: ..................................................$500
Sale of goods produced: ..........................................3,000
Cost of goods sold: ...............................................$1,500
Interest expense:.....................................................$500
Enter the category (current and non-current asset/liability, equity, income statement).