Fuzzy Button Clothing Company Balance Sheet For the Year ended December 31 Year 2 Year 1 Year 2 Year 1 Assets Current assets: $0 Cash and equivalents Accounts receivable Liabilities and equity Current liabilities: Accounts payable Accruals Notes payable Total current liabilities $36,900 $13,500 $39,600 $90,000 $16,875 $49,500 $112,500 $0 $2,344 $13,281 Inventories Total current assets $12,500 $12,500 $37,500 $50,000 Net fixed assets: Long-term debt $46,875 $62,500 Net plant and equipment $110,000 $121,875 Total debt Common equity: Common stock Retained earnings Total common equity Total liabilities and equity $97,500 $52,500 $150,000 $200,000 $187,500 Total assets $250,000 $200,000 $250,000