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 | = | $ | 11,000 |
| Inventory of sofas | = | $ | 210,000 |
| Store and property | = | $ | 110,000 |
| Accounts receivable | = | $ | 23,000 |
| Accounts payable | = | $ | 18,000 |
| Long-term debt | = | $ | 180,000 |
| | |||
| BALANCE SHEET OF SOPHIE’S SOFAS | |||
| Assets | Liabilities & Shareholders’ Equity | ||
Cash  | $ 11,000 | Accounts payable | $ 18,000 |
| Accounts receivable | 23,000 | Long-term debt | 180,000 |
| Inventory | 210,000 | Shareholders’ equity | 156,000 |
| Store & property | 110,000 | ||
| | | ||
| Total assets | $ 354,000 | Total liabilities & Shareholders' equity | $ 354,000 |
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