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IThe following information applies to the questions displayed below] Near the end of 2013, the management of Dimsdale Sports Co., a merchandising following estimated balance

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IThe following information applies to the questions displayed below] Near the end of 2013, the management of Dimsdale Sports Co., a merchandising following estimated balance sheet for December 31, 2013. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2013 Assets Cash 36,000 Accounts receivable 520,000 150,000 Inventory 706,000 Total current assets 536,000 Equipment 67,000 Less accumulated depreciation 469,000 Equipment, net 1,175,000 Total assets Liabilities and Equity 365,000 Accounts payable Bank loan payable 16,000 Taxes payable (due 3/15/2014) 89,000 470.000 Total liabilities 474,000 Common stock. 231,000 Retained earnings 705.000 Total stockholders' equity 1,175,000 Total liabilities and equity

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