This week, we learned about managerial and financial accounting, accounting principles, and preparation and use of financial statements. Write a narrative essay (minimum 1,200 words) in which you first discuss the use of the balance sheet, in general, for decision-making. Then, prepare a balance sheet in good form (Assets = Liabilities + Net Assets) using the table information below and analyze that balance sheet (i.e. what story does it tell the reader).

Table 2

ACCOUNT	BALANCE
gross plant and equipment	$5,000,000
accounts payable	$230,000
inventories	$200,000
other current liabilities	$80,000
net accounts receivable	$550,000
accrued expenses	$90,000
accumulated depreciation	$110,000
long-term debt	$4,000,000
cash	$310,000

Reference for expert:

Cleverley, W. O. (2018). Essentials of health care finance (8th ed.). Jones & Bartlett Learning