Q3

A simplified balance sheet for Planet Inc. contain the following amounts at the end of 2010 and 2011 Planet Inc. Balance Sheet As at September 30 2011 2010 Assets Current Assets $45,000 $8,700 Cash $12,300 $11,900 Accounts Receivable $2,800 $1,300 Prepaid Expenses $25,000 $13,000 Inventory $85,100 $34,900 Total Current Assets Long-Term Assets $166,000 $174,000 Plant & Equipment Less: Accumulated Depreciation $-27,600 $-19,400 $223,500 $189,500 Total Assets Liabilities $19,600 $19,600 Current Liabilities Long-Term Debt $27,000 $34,000 Total Liabilities $46,600 $53,600 Stockholders' Equity $71,000 $54,000 Contributed Capital $105,900 $81,900 Retained earnings $176,900 $135,900 Total Stockholders' Equity $223,500 $189,500 Total Liabilities and Equity