A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows:

Assets		Liabilities & Stockholders' Equity
Cash	$	94,000		Notes payable (due in 6 months)	$	42,000
Accounts receivable		120,000		Accounts payable		85,000
Inventory		270,000		Long-term liabilities		336,000
Prepaid expenses		60,000		Capital stock, $5 par		300,000
Plant & equipment (net)		570,000		Retained earnings		441,000
Other assets		90,000
Total	$	1,204,000		Total	$	1,204,000

During the year the company earned a gross profit of $1,116,000 on sales of $2,950,000. Accounts receivable, inventory, and plant assets remained almost constant in amount throughout the year, so year-end figures may be used rather than averages.