Near the end of 2011, the management of Simid Sports Co., a merchandising company, prepared the following estimated statement of financial position for December 31, 2011.

[The following information applies to the questions displayed below.] Near the end of 2011, the management of Simid Sports Co., a merchandising company, prepared the following estimated statement of financial position for December 31, 2011. SIMID SPORTS COMPANY Estlmated Statement of Financlal Position December 31, 2011 Assets Cash Accounts recelvable Inventory $ 18,000 262,500 75,000 Total current assets Equlpment Less accumulated depreclation 355,500 33,750 236,250 $591,750 $270,000 Total assets Liabilities and Equity Accounts payable Bank loan payable Tax payable (due 3/15/2012) $180,000 7,500 45,000 $232,500 Total llablitles Share capltal-ordinary Retalned earnings 236,250 123,000 Total stockholders' equity 359,250 Total llablities and equity $591,750