1. Prepare a balance sheet

Place the appropriate account in the balance sheet and the appropriate amount.

If the item does not belong on a balance sheet do not put the item on the balance sheet.

Cash = $270,000; Notes payable = $300,000; Receivables Turnover = 20; Sales = $5,000,000; Total current assets = $750,000; Net working capital = $350,000; Total assets = $10,000,000; Retained earnings = $2,500,000; Common Stock = ?; Fixed Assets = ?; Accounts Payable = ? Inventory = ?

ABC Company

Balance Sheet

December 31, 2018

Assets			Liabilities
Current Assets			Current Liabilities
1 cash			1
2 inventory			2
3			Total Current Liabilities
Total Current Assets	2,500,000		Long term Debt	2,000,000
Long term assets:			Total Liabilities
1			Equity
			1
			2
Total Assets	10,000,000		Total Liabilities and Equity

And explanation please