The following financial statements were drawn from the records of Matrix Shoes: Balance Sheets Assets Cash As of December 31 Year 2 Year 1 Accounts receivable Merchandise inventory Notes receivable Equipment Accumulated depreciation-equipment Land Total assets Liabilities Accounts payable Salaries payable Utilities payable Interest payable Notes payable (long-term) Common stock Retained earnings Total liabilities and equity $127,879 53,450 $ 27,150 61,890 124,076 0 144,300 (81,363) 86,500 $454,842 112,260 31,700 252,700 (144,980) 56,500 $ 397,220 $ 41,395 $ 47,900 31,038 24,830 745 1,490 0 1,610 0 61,500 300,200 81,464 241,000 18,890 $454,842 $ 397,220