(Learning Objective 4: Preparing a balance sheet) At December 31, 20X6, Tommer Products has cash of $12,000, receivables of $5,000, and inventory of $42,000. The company’s equipment totals $82,000. Tommer owes accounts payable of $17,000, and long-term notes payable of $78,000. Share capital amounts to $14,800.

Prepare Tommer’s balance sheet at December 31, 20X6, complete with its proper heading. Use the accounting equation to compute retained earnings.