1. Prepare a balance sheet using the information given below.

Gross fixed assets	$40,000
Cash	$68,000
Other assets	$5,000
Accumulated depreciation	$30,000
Common stock	$43,000
Short-term notes payable	$12,000
Accounts payable	$35,000
Inventories	$122,000
Retained earnings	$100,000
Accounts receivable	$60,000
Long-term notes payable	$10,000
Long-term bonds payable	$65,000
Sales	$300,000
Cost of goods sold	$150,000
Depreciation expense	$3,000