Saved Use the following financial statements and additional information. FAIRHAVEN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 77,000 83,000 ,000 6,200 235,200 199,000 25,500 65,000 96,000 7,700 194,200 184,000 (51,000) (17,000) $383,200 $361,200 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 33,000 40,000 18,000 5,200 63,200 85,000 7,000 4,700 44,700 43,00085 87,700 148.2 250,000 180,000 33,000 $383,200 $361,200 45,500 FAIRHAVEN INC Income Statement 29 Saved Use the following financial statements and additional information. FAIRHAVEN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 77,000 83,000 ,000 6,200 235,200 199,000 25,500 65,000 96,000 7,700 194,200 184,000 (51,000) (17,000) $383,200 $361,200 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 33,000 40,000 18,000 5,200 63,200 85,000 7,000 4,700 44,700 43,00085 87,700 148.2 250,000 180,000 33,000 $383,200 $361,200 45,500 FAIRHAVEN INC Income Statement 29