Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Prepaid rent $ 146,750 $ 159,000 76,000 89,500 75,500 1,500 90,000 3,000 Long-term assets Land Equipment Accumulated depreciation 455,000 455.000 750,000 645,000 (415,000) (258,000) Total assets $1,105,750 $1,167,500 Liabilities and Stockholders' Equity. Current liabilities Accounts payable Interest payable Income tax payable S 94,000 $ 80,500 13,500 4,500 112,500 225,000 675,000675,000 6,750 7,000 Long-term liabilities Notes payable Stockholders' equity Common stock Retained earnings 10,500 169,000 Total liabilities and stockholders' equity 1,105,750 $ 1.167,500 Additional Information for 2018 1 Net income is $64,000 2. The company purchases $105.000 in equipment 3 Depreciation expense is $157 000 O Type here to search