7) 7.What is the DEPRECIATION of the fixed assets ? 2 Points Quiz#1 Toys and Things Company Balance Sheet Assets Liabilites Current Assets Current Liabilities Cash 5000 Accounts payable Acets Receivable 4800 Noles payable Inventory 14500 other Accrued Liabilities Total Current Assets Total Current Liabilities 4000 3750 3000 Total Long term liability 2050 Fixed Assets Gross Fixed Assets Depreciation Total Fixed Assets 45000 Total Stock Holders Equity 34000 Total Assets Total Liabitities 46800 Note The fixed assets are a year old and need to be depreciated by 3 22500