Scherbert Industries has the following balance sheet accounts as of 12/31/X3 (not a complete balance sheet): Accounts

Question:

Scherbert Industries has the following balance sheet accounts as of 12/31/X3 (not a complete balance sheet):

Accounts Payable ...............$ 650,000

Accounts Receivable .............845,000

Accruals ..................257,500

Cash ...................137,200

Common Stock .............1,200,000

Fixed Assets (net) ............8,250,000

Inventory ................655,000

Long-Term Debt ..............3,500,000

Calculate gross and net working capital.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...