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Problem 9-03

Fill in the blanks below with the correct entries. Round your answers to the nearest dollar.

Assets				Liabilities and Stockholders Equity
Current Assets				Current liabilities
Cash	$	200,000		Accounts payable	$	520,000
Accounts receivable				Notes payable to banks		190,000
($ less allowance for				Accrued wages
doubtful accounts of $35,000)		1,330,000		Taxes owed		110,000
Inventory		1,280,000		Total current liabilities	$	1,170,000
Total current assets	$			Long-term debt
Land				Stockholders equity
Plant and equipment				Common stock
($2,070,000 less				($1 par, 570,000
accumulated depreciation				shares authorized,
$ )		1,350,000		530,000 outstanding)
Total assets	$	4,470,000		Retained earnings
				Total stockholders equity	$	2,610,000
				Total liabilities and equity	$