Problem 3 Ohio Corporation
Balance Sheet
As of December 31, 2016 and 2015
Assets:	2016	2015
Cash and cash equivalents	$ 612,300	$ 325,000
Marketable securities	100,000	100,000
Accounts Receivable	408,000	106,250
Inventory	510,000	612,000
Current Assets	1,630,300	1,143,250
Equipment	714,000	654,500
Less: Accumulated depreciation	238,000	119,000
Land-unused	225,000	70,000
Goodwill	200,000	100,000
Total assets	$2,531,300	$1,848,750
Liabilities
Accounts Payable	$ 197,500	$ 382,500
Accrued Salaries Payable	93,500	136,000
Rent Expense Payable	37,400	17,000
Income Tax Payable	117,300	68,000
Current Liabilities	445,700	603,500
Long-term note payable	950,000	510,000
Total Liabilities	1,395,700	1,113,500
Stockholders Equity:
Common stock ($6 par value)	714,000	510,000
Retained earnings	421,600	225,250
Total Stockholders Equity	1,135,600	635,250
Total liabilities and stockholders equity	$2,531,300	$1,848,750