Accounts Payable $$50,000$ Inventory $$117,000$

Accounts Receivable $40,000$ Land $39,000$

Building $67,000$ Mortgage Payable $($long term$)79,000$

Cash $28,000$ Office Supplies $1,000$

Common Stock $120,000$ Retained Earnings $?$

Salaries Payable $7,000$

OAKLAND WHOLESALERS

Balance Sheet

December $31$

Assets Liabilities & Stockholders' Equity

Current Assets: Current Liabilities:

Answer $1$

Cash

Answer $2$

$28,000$

Answer $3$

Accounts Payable

Answer $4$

$50,000$

Answer $5$

Accounts Receivable

Answer $6$

$40,000$

Salaries payable Answer $7$

$7,000$

Inventory Answer $8$

$117,000$

Total Current Liabilities Answer $9$

$57,000$

Answer $10$

Office Supplies

Answer $11$

$1,000$

Total Current Assets Answer $12$

$186,000$

Long$-$Term Liabilities:

Answer $13$

Mortgage Payable $($long term$)$

Answer $14$

$79,000$

Noncurrent Assets: Total Long$-$term Liabilities: Answer $15$

$79,000$

Answer $16$

Land

Answer $17$

$39,000$

Building Answer $18$

$67,000$

Total Liabilities Answer $19$

$136,000$

Total Long$-$Term Assets Answer $20$

$106,000$

Stockholders' Equity:

Answer $21$

Common Stock

Answer $22$

$120,000$

Answer $23$

Retained Earnings

Answer $24$

$50,000$

Total Stockholders' Equity Answer $25$

$120,000$

Total Assets Answer $26$

$292,000$

Total Liabilities and Stockholders' Equity Answer $27$

$16,000$