3. We are in the business of buying and selling projectors, and we have just started the company. We can purchase projectors for $100 each if we are buying in bulk of 20 and can be deferred as an account payable. We have not yet made any sales. What does the final balance sheet look like? Balance Sheet a.

Cash$0 b. Inventory$2,000 c. Accounts payable$2,000 d. Retained earnings$0

4. Lets now assume we have incurred overhead costs of $1,500, of which 50% has been paid in cash and the rest deferred. If there is any cash shortage, we would need to raise a revolving line of credit. Now what does the final balance sheet look like? Balance Sheet a.

Cash$0 b. Inventory$1,400 c. Accounts receivable$1,600 d. Revolver$70 e. Accrued expenses$750 f. Accounts payable$2,000 g. Retained earnings$180

show the steps for question 4