Near the end of 2013, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2013.

DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2013
Assets
Cash	$	35,500
Accounts receivable		520,000
Inventory		135,000
Total current assets					690,500
Equipment	$	539,000
Less accumulated depreciation		67,375
Equipment, net					471,625
Total assets				$	1,162,125
Liabilities and Equity
Accounts payable	$	350,000
Bank loan payable		16,000
Taxes payable (due 3/15/2014)		91,000
Total liabilities				$	457,000
Common stock		471,000
Retained earnings		234,125
Total stockholders