College Spirit sells sportswear with logos of major universities. At the end of the year, the following balance sheet account balances were available. Accounts payable Income taxes payable $104,700 $ 11,400 Accounts receivable 6,700 Inventory 483,400 Accumulated depreciation 23,700 Long-term investment 112,900 Bonds payable 38,000 Note payable, short-term 50,000 Cash 13,300 Prepaid rent (current) 54,000 Common stock 300,000 Retained earnings, Dec. 31 230,500 Furniture 88,000