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Brief Exercise 3-7 (Algo) Balance sheet preparation; missing elements (LO3-2, 3-3] Use the following information from the balance sheet of Raineer Plumbing to determine the

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Brief Exercise 3-7 (Algo) Balance sheet preparation; missing elements (LO3-2, 3-3] Use the following information from the balance sheet of Raineer Plumbing to determine the missing amounts. Cash and cash equivalents Retained earnings Inventory Common stock Total current assets $ 57,000 ? ? 160,000 320,000 Accounts payable Accounts receivable Notes payable (due in 2 years) Property, plant and equipment (net) Total assets $ 49,000 137,000 67,000 ? 570,000 Inventory Property, plant, and equipment (net) Retained earnings

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