Using the Balance Sheet found below, present the Balance Sheet of ABC Company Discuss the balance sheet items that the Board of Directors requested : (1) Accounts Receivables changes per year and some processes that can be used for uncollectible accounts; (2) Discuss the trend in Payroll Liabilities as well as other Current or Long-Term liabilities; and (3)discuss types of investments that can be held by ABC Company.

		20X2	20X1
Assets
Current Assets
Cash and cash equivalents	$	182,225	124,460
Trading Securities		42,200	44,200
Accounts receivable		24,000	19,500
Allowance for doubtful accounts		(2,100)	(3,350)
Accounts receivable, net		21,900	16,150
Inventories		2,850	3,600
Prepaid expenses and other receivables		200	750
Available-for-sale securities		16,700	15,500
Total current assets	$	287,975	220,810
Property, plant and equipment, net		209,005	250,540
Other assets		300	300
Total assets	$	497,280	471,650
Liabilities and Shareholders' Equity
Current Liabilities
Notes payable or current portion of long-term debt	$	24,000	24,000
Accounts payable		14,030	17,050
Total current liabilities		38,030	41,050
Long-term debt		104,400	128,400
Total liabilities	$	142,430	169,450
Shareholders' equity
Common stock, $10 per value; 50,000 shares authorized; 20,000 shares issued and outstanding		200,000	200,000
Retained earnings		154,850	102,200
Total shareholders' equity		354,850	302,200
Total liabilities and shareholders' equity	$	497,280	471,650

Payroll Information
ABC Company
Number of Employees	7
Employee Name		Hours worked	Hourly rate
John Doe		40	$25.00
Jane Jones		40	$25.00
Jessie Smith		40	$18.00
Erik Ackers		25	$15.00
Nan Schmit		30	$17.00
Larry Johnson		35	$18.00
Christopher Hay		40	$18.00
Assume Federal Income Tax will be withheld at a rate of 20% for everyone.
FICA Social Security rate is 6.2% and Medicare is 1.45%.
When you called your State, they told you that your State Unemployment tax rate would be 5.4%.
Recall that the Federal Unemployment rate is the same for all businesses.