At December 31 2012 2011 2010 Assets Cash $ 30,800 $ 35,625 $ 36,800 Accounts receivable, net 88,500 62,500 49,200 Merchandise inventory 111,500 82,500 53,000 Prepaid expenses 9,700 9,375 4,000 Plant assets, net 277,500 255,000 229,500 Total assets $ 518,000 $ 445,000 $ 372,500 Liabilities and Equity Accounts payable $ 128,900 $ 75,250 $ 49,250 Long-term notes payable secured by mortgages on plant assets 97,500 102,500 82,500 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 129,100 104,750 78,250 Total liabilities and equity 518,000 $ 445,000 $ 372,500 The company