Presented here are the comparative balance sheets of Hames, Inc., at December 31, 2011 and 2010. Sales for the year ended December 31, 2011, totaled $580,000. HAMES, INC. Balance Sheets December 31, 2011 and 2010 2011 2010 Assets Cash $ 21,000 $ 19,000 Accounts receivable 78,000 72,000 Merchandise inventory 103,000 99,000 Total current assets $ 202,000 $ 190,000 Land 50,000 40,000 Plant and equipment 125,000 110,000 Less: Accumulated depreciation (65,000 ) (60,000 ) Total assets $ 312,000 $ 280,000 Liabilities Short-term debt $ 18,000 $ 17,000 Accounts payable 56,000 48,000 Other accrued liabilities 20,000 18,000 Total current liabilities $ 94,000 $ 83,000 Long-term debt 22,000 30,000 Total liabilities . $ 116,000 $ 113,000 Owners