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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	$	150,000		Accounts payable	$	510,000
Accounts receivable				Notes payable to banks		180,000
($ less allowance for				Accrued wages
doubtful accounts of $20,000)		1,410,000		Taxes owed		60,000
Inventory		1,590,000		Total current liabilities	$	1,080,000
Total current assets	$			Long-term debt
Land				Stockholders equity
Plant and equipment				Common stock
($1,930,000 less				($1 par, 610,000
accumulated depreciation				shares authorized,
$ )		920,000		530,000 outstanding)
Total assets	$	4,320,000		Retained earnings
				Total stockholders equity	$	2,700,000
				Total liabilities and equity	$