Problem 9-02

Given the following information, construct the firms balance sheet:

Cash and cash equivalents	$	640,000
Accumulated depreciation on plant and equipment		720,000
Plant and equipment		4,640,000
Accrued wages		330,000
Long-term debt		3,430,000
Inventory		6,330,000
Accounts receivable		3,650,000
Preferred stock		620,000
Retained earnings		4,489,000
Land		1,270,000
Accounts payable		2,600,000
Taxes due		160,000
Common stock	$	23 par
Common shares outstanding		167,000
Current portion of long-term debt	$	340,000

Round your answers to the nearest dollar.

Corporation X
Balance Sheet as of XX/XX/XX
Assets				Liabilities and Owners' Equity
Cash and cash equivalents	$			Accounts payable	$
Accounts receivable				Taxes due
Inventory				Accrued wages
Total current assets	$			Current portion of long-term debt	$
Land				Total current liabilities
Plant and equipment				Long-term debt
				Preferred stock
				Common stock
				Retained earnings
				Total shareholders equity
Total assets	$			Total liabilities and shareholders equity	$