PRACTICE JESTIONS 1. At December 31, 2014, Skate Sharp Limited has cash of $13,000, receivables of $2,000, and inventory of $40,000. The company's equipment totals $75,000, and other assets amount to $10,000. Skate Sharp owes accounts payable of $10,000 and short-term notes payable of $5,000, and also has long-term debt of $70,000. Contributed capital is $15,000. Prepare Skate Sharp Limited's balance sheet at December 31, 2014, complete with its appropriate heading