Question: please explain the answer so I can understand te logic 16. Preparing a Statement of Financial Position (LOI) Prepare a 2018 statement of financial position

please explain the answer so I can understand te logic

16. Preparing a Statement of Financial Position (LOI) Prepare a 2018 statement of financial position for Listowel Corp. based on the following information: cash = $127,000; patents and copyrights = $630,000; accounts payable = $210,000; accounts receivable = $105,000; tangible net fixed assets = $1,620,000; inventory = $293,000; notes payable $160,000; accumulated retained earnings = $1,278,000; long-term debt = $845,000

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