Prepare the balance sheet for Usher Inc. as of December 2014. Use the following information.

Retained earnings at Dec 31, 2013 is $234,000

Sales (all credit sales) are $2.5 million

Days to sell inventory is 20

Cash on hand is 1% of sales

All Sales are paid 30 days after purchase

Noncurrent assets are $1 million

Long-term debt to equity ratio is 1

All liabilities, other than long-term debt are short-term liablilties

20,000 hsares outstanding were issued at $10 in 2013

No dividends were paid

Gross margin is 40%

Net proofit margin is 8%

Assume there are 360 days in the year.

Please show all all work to be credited points.