75. Balance Sheet Preparation  

Consider GHI Company with the following assets: Cash $120,000, Accounts Receivable $80,000, Inventory $60,000, and Property, Plant, and Equipment $500,000. Liabilities include Accounts Payable $100,000 and Long-Term Debt $400,000. Prepare a balance sheet for GHI Company, detailing assets, liabilities, and owner's equity.

GHI Company's balance sheet is prepared as follows: Assets:

• Cash: $120,000
• Accounts Receivable: $80,000
• Inventory: $60,000
• Property, Plant, and Equipment: $500,000

---

Total Assets: $760,000

Liabilities:

• Accounts Payable: $100,000
• Long-Term Debt: $400,000

---

Total Liabilities: $500,000

Owner's Equity:

• Total Assets - Total Liabilities
• $760,000 - $500,000

---

Owner's Equity: $260,000