ACCT551 Course Project Instructions and Data This Course Project applies financial reporting principles relating to intangibles, current liabilities, and long-term liabilities for a ficititiou: was incorporated in Nevada on January 1. 2016, to take over a local retail chain and supply goods to customers at To complete this project, you'll need to use the financial information below provided for the year 2019 along with the prior year's Bal GeneralProducts, Inc. Balance Sheet As of December 31, 2018 ASSETS Current Assets Cash 11,980 Accounts Receivable 20.520 Inventory 317.060 Inventory of Premiums (@$1.10 per premium item) 660 Total Current Assets 350.220 Long-Term Assets Investments 66.775 Property, Plant, and Equipment (PP&E) 750,000 Less: Accumulated Depreciation (90,000) 660,000 Total Long-Term Assets 726.775 Intangible Assets Trademarks 190,000 Total Assets 1,266,995 LIABILITIES Current Liabilities Accounts Payable 50.722 Liability for Premiums 550 Interest Payable (on 6% Bonds) 3,000 Total Current Liabilities 54.272 Long-Term Liabilities