From the following information, present a Balance Sheet in good form. On the balance sheet, include: a subtotal of total current assets, a subtotal of total fixed assets, a subtotal of total current liabilities, a subtotal of total long-term liabilities, and a subtotal of total liabilities. Make sure that your balance sheet BALANCES.You will have to add a figure in the Equity Section. (You will not use all of the accounts listed here some belong on other financial statements)

SALES 550,950

CASH 15,000

ACCOUNTS PAYABLE 115,600

EQUIPMENT 31,500

LONG-TERM NOTE PAYABLE 50,000

RENT 24,000

TELEPHONE 3,967

ACCOUNTS RECEIVABLE137,200

COST OF GOODS SOLD 358,118

ACCOUNTING & LEGAL EXPENSES 4,000

DEPRECIATION EXPENSE 5,000

NOTES RECEIVABLE 5,400

INSURANCE EXPENSE 6,700

FURNITURE & FIXTURES 8,500

PAYROLL EXPENSES 83,256

EXECUTIVE SALARY 40,000

ACCRUED TAXES PAYABLE 13,800

ADVERTISING 145

INVENTORY 134,293

UTILITIES 6,840

REPAIRS 950

PREPAIDS 5,900

INTEREST PAYABLE 1,500

SALES TAX PAYABLE 1,540

SUPPLIES EXPENSE 1,410

DELIVERY & TRAVEL 3,260

MISCELLANEOUS 750

INCOME TAX 983

INTEREST EXPENSE 6,000

1. Days Receivable (Accounts Receivable $ divided by Sales $) times 360 (days) [your answer will be in days]

2. Days Inventory (Inventory $ divided by Cost of Goods Sold $) times 360 (days) [your answer will be in days]

3. Days Payable (Accounts Payable $ divided by Cost of Goods Sold $) times 360 (days) [your answer will be in days]

4. Days Accrual (Accrued Taxes Payable $ divided by Cost of Good Sold $) times 360 (days) [your answer will be in days]

Show all of your work. Use the figures from the Balance Sheet you created.