Problem 9-02

Given the following information, construct the firms balance sheet:

Cash and cash equivalents $ 370,000 Accumulated depreciation on plant and equipment 1,170,000 Plant and equipment 5,960,000 Accrued wages 280,000 Long-term debt 4,360,000 Inventory 5,790,000 Accounts receivable 5,470,000 Preferred stock 410,000 Retained earnings 7,206,000 Land 1,900,000 Accounts payable 1,730,000 Taxes due 130,000 Common stock $ 24 par Common shares outstanding 161,000 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 $