Problem 9-03

Fill in the blanks below with the correct entries. Round your answers to the nearest dollar.

Assets				Liabilities and Stockholders Equity
Current Assets				Current liabilities
Cash	$	280,000		Accounts payable	$	610,000
Accounts receivable				Notes payable to banks		190,000
($ less allowance for				Accrued wages
doubtful accounts of $15,000)		1,360,000		Taxes owed		90,000
Inventory		1,530,000		Total current liabilities	$	1,190,000
Total current assets	$			Long-term debt
Land				Stockholders equity
Plant and equipment				Common stock
($2,150,000 less				($1 par, 800,000
accumulated depreciation				shares authorized,
$ )		1,480,000		740,000 outstanding)
Total assets	$	5,020,000		Retained earnings
				Total stockholders equity	$	3,070,000
				Total liabilities and equity	$