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Exercise I The Four-Sight Lens Company presented the following balance sheet on March 31, 1994, the beginning of a budget period: Assets Liabilities and Owners' Equity Current Assets: Current liabilities: Cash $ 9,500 Accounts payable $ 27,700 Accounts receivable 33,300 Accrued taxes payable 4,200 Merchandise inventory 66,600 Total current assets $ 109,400 Total current liabilities $ 31.900 Plant and equipment $ 45,000