Near the end of 2013, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2013.

DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2013
Assets
Cash	$	36,500
Accounts receivable		520,000
Inventory		105,000
Total current assets					661,500
Equipment	$	538,000
Less accumulated depreciation		67,250
Equipment, net					470,750
Total assets				$	1,132,250
Liabilities and Equity
Accounts payable	$	355,000
Bank loan payable		15,000
Taxes payable (due 3/15/2014)		89,000
Total liabilities				$	459,000
Common stock		474,500
Retained earnings		198,750
Total stockholders