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 Estimated Statement of Financial position December 31, 2011 Assets 35,500 Cash 520,000 Accounts receivable 157500 inventory 713,000 Total current assets $542,000 Equipment 67.750 474.250 Less accumulated depreciation Total assets 1187250 Liabilities and Equity $345,000 Accounts payable Bank loan payable 15,000 Tax payable (due 3/15/2012) 91,000 Total liabilities 451000 473,500 Share capital ordinary 262,750 Retained earnings Total stockholders' equity 736.250 Total liabilities and equity 1187250 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 Estimated Statement of Financial position December 31, 2011 Assets 35,500 Cash 520,000 Accounts receivable 157500 inventory 713,000 Total current assets $542,000 Equipment 67.750 474.250 Less accumulated depreciation Total assets 1187250 Liabilities and Equity $345,000 Accounts payable Bank loan payable 15,000 Tax payable (due 3/15/2012) 91,000 Total liabilities 451000 473,500 Share capital ordinary 262,750 Retained earnings Total stockholders' equity 736.250 Total liabilities and equity 1187250