Balance Sheet The following items are available from the records of Victor Corporation at the end of its fiscal year ended July 31, 1998:

Required Prepare a balance sheet. Hint: Not all of the items listed should appear on a balance sheet. For each of these items, indicate where it should appear.

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Accounts payable $16,900 Accounts receivable 5,700 Buildings 35,000 Butter and cheese inventory 12,100. Capital stock 25,000 Cash 21,800 Computerized mixers 25,800 Delivery expense 4,600 Notes payable 50,000 Office equipment 12,000 Retained earnings, end of year 26,300 Salary and wage expense 8,230 Sales revenue 14,220 Tools 5,800