Balance Sheet For Year Ended on December 31 Assets Current Assets: Liabilities Current Liabilities: Cash and equivalents Accounts receivable $150,000 Accounts payable $250,000 400,000 Accrued liabilities 150,000 Inventories 350,000 Notes payable 100,000 Total Current Assets Net Fixed Assets: $900,000 Total Current Liabilities $500,000 Long-Term Bonds 1,000,000 Net plant and equipment $2,100,000 Total Debt $1,500,000 (cost minus depreciation) Common Equity Common stock 800,000 700,000 Retained earnings Total Common Equity $1,500,000 Total Assets $3,000,000 Total Liabilities and Equity $3,000,000