Problem 9-02

Given the following information, construct the firms balance sheet:

Cash and cash equivalents	$	870,000
Accumulated depreciation on plant and equipment		730,000
Plant and equipment		6,170,000
Accrued wages		280,000
Long-term debt		4,320,000
Inventory		6,950,000
Accounts receivable		3,620,000
Preferred stock		580,000
Retained earnings		2,786,000
Land		1,400,000
Accounts payable		2,870,000
Taxes due		100,000
Common stock	$	26 par
Common shares outstanding		269,000
Current portion of long-term debt	$	350,000

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	$