Sales for the year were $70,000 and cost of goods sold were $56,000. The balance sheet at the end of the year is given below: Assets Cash Liabilities and Equity 11,000 Accounts payable 17,000 Accounts receivable 7,000 Current liabilities 17,000 Inventory 24,000 Long-term debt 95,000 Current assets 42,000 Total liabilities 112,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 24,000 Net fixed assets 114,000 Equity 44,000 Total assets 156,000 Total liab. & equity 156,000