White & Pinkman Balance Sheet

$20152016$

ASSETS

Cash $9,000,000$

Securities $8,000,000$

$1,200,000$

less allowance for bad debts $200,000$

Accounts receivable $($net$)1,000,000$

Inventory $20,000,000$

Prepaid expenses $1,000,000$

Total current assets $39,000,000$

Plant and equipment $($gross$)20,000,000$

less accumulated depreciation $9,000,000$

Plant and equipment $($net$)11,000,000$

TOTAL ASSETS $50,000,000$

LIABILITIES AND EQUITY

Accounts payable $12,000,000$

Notes payable $5,000,000$

Accrued expenses $3,000,000$

Total current liabilities $20,000,000$

Long term debt $($bonds payable$)20,000,000$

Total liabilities $40,000,000$

Common stock $1,000,000$

Capital in excess of par $4,000,000$

Retained earnings $5,000,000$

Total equity $10,000,000$

TOTAL LIABILITIES AND EQUITY $50,000,000$