The balance sheet and income statement for the Papua New Guinea Coconut Company are as follows:

Income Statement ($000)

Transcribed Image Text:

Balance Sheet (5000) Cash Accounts receivable Inventories $ 550 2,500 1.100 Current assets $4,150 Net fixed assets Total assets Accounts payable Accrued expenses Short-term notes payable Current liabilities Long-term debt Owners' equity 4,700 $ 8,850 $ 1,200 680 320 $ 2,200 2,300 4,350 Total liabilities and owners' equity $ 8,850