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Problem 9-03

Fill in the blanks below with the correct entries. Round your answers to the nearest dollar.

Assets		Liabilities and Stockholders Equity
Current Assets		Current liabilities
Cash	$	190,000		Accounts payable	$	510,000
Accounts receivable				Notes payable to banks		150,000
($ less allowance for				Accrued wages
doubtful accounts of $10,000)		1,470,000		Taxes owed		180,000
Inventory		1,290,000		Total current liabilities	$	1,180,000
Total current assets	$			Long-term debt
Land				Stockholders equity
Plant and equipment				Common stock
($2,260,000 less				($1 par, 770,000
accumulated depreciation				shares authorized,
$ )		1,280,000		720,000 outstanding)
Total assets	$	4,670,000		Retained earnings
				Total stockholders equity	$	2,890,000
				Total liabilities and equity	$