Problem 7-8AA Merchandising: Preparation of a complete master budget LO P4 Near the end of 2017, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2017 DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash Accounts receivable Inventory Total current assets Equipment Less: accumulated depreciation $ 35,500 520,000 157,508 $ 713,000 612,000 76,500 Equipment, net Total assets 535,500 $1,248,500 Liabilities and Equity $ 350,000 16,000 90,000 Accounts payable Bank loan payable Taxes payable (due 3/15/2018) Total 1iabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 456,000 474,500 318,000 792,500 $1,248,500