Praxis Corporations Chief Financial Officer (CFO) has decided to take a closer look at the firms short-term assets and liabilities. Praxiss balance sheet follows: Praxis Corporation (Praxis) Balance Sheet Cash $1,250,000 Accounts payable $3,000,000 Accounts receivable $4,375,000 Accruals $1,875,000 Inventory $6,875,000 Notes payable $2,625,000 Total current assets $12,500,000 Total current liabilities $7,500,000 Long-term debt $4,500,000 Total debt $12,000,000 Common equity $2,400,000 Net plant and equipment $7,500,000 Retained earnings $5,600,000 Total equity $8,000,000 Total assets $20,000,000 Total liabilities and equity $20,000,000