5. The balance sheet for the Novi Corporation is shown below. Sales for the year were $3,040,000, with 75 percent of sales sold on credit. Novi Corporation Balance Sheet 200X Assets Liabilities & Shareholder's Equity Cash... $50,000 Account payable....... $220,000 Account receivable ....280,000 Accrued taxes.......... 80,000 Inventory. ..................240,000 Bond payable............118,000 Plant and Equipment..380,000 Common Stock...........100,000 Paid-in Capital ..........150,000 Retained earning........282,000 Total Assets........... ..$950,000 Total Liabilities and Stockholder's equity..$950,000 5. The balance sheet for the Novi Corporation is shown below. Sales for the year were $3,040,000, with 75 percent of sales sold on credit. Novi Corporation Balance Sheet 200X Assets Liabilities & Shareholder's Equity Cash... $50,000 Account payable....... $220,000 Account receivable ....280,000 Accrued taxes.......... 80,000 Inventory. ..................240,000 Bond payable............118,000 Plant and Equipment..380,000 Common Stock...........100,000 Paid-in Capital ..........150,000 Retained earning........282,000 Total Assets........... ..$950,000 Total Liabilities and Stockholder's equity..$950,000