BALANCE SHEET $2019$

Cash $ $20,000$

Accounts receivable $250,000$

Inventories $350,000$

Total current assets $620,000$

Fixed assets, net $480,000$

Total assets $$1,100,000$

Accounts payable $ $125,000$

Accrued liabilities $125,000$

Notes payable $100,000$

Total current liabilities $350,000$

Long$-$term debt $500,000$

Common stock $(20,000$ shares$)100,000$

Retained earnings $150,000$

Total liabilities and equity $$1,100,000$