Question: Problem 3-1 Balance Sheet (LO1) Construct a balance sheet for Sophie's Sofas given the following data. (Be sure to list the assets and liabilities

Problem 3-1 Balance Sheet (LO1) Construct a balance sheet for Sophie's Sofas given the following data. (Be sure to list the assets and liabilities in order of their liquidity.) Cash balances Inventory of sofas Store and property Accounts receivable $ 9,000 190,000 90,000 = $ 21,000 Accounts = $16,000 payable 160,000 Long-term debt = $ BALANCE SHEET OF SOPHIE'S SOFAS Assets Liabilities & Shareholders' Equity (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total assets (Click to select) Total liabilities & Shareholders' equity

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