Construct a balance sheet for
Sophie’s Sofas given the following data. (Be sure
to list the assets and liabilities in order of their liquidity.)
|
Cash balances
|
=
|
$
|
9,500
|
Inventory of sofas
|
=
|
$
|
195,000
|
Store and property
|
=
|
$
|
95,000
|
Accounts receivable
|
=
|
$
|
21,500
|
Accounts payable
|
=
|
$
|
16,500
|
Long-term debt
|
=
|
$
|
165,000
|
BALANCE
SHEET OF SOPHIE’S SOFAS
|
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