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The balance sheet for Plasma Screens Corporation along with additional information is provided below: ...

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Accounting

The balance sheet for Plasma Screens Corporation along with additional information is provided below:

PLASMA SCREENS CORPORATION Balance Sheet December 31, 2012 and 2011
2012 2011
Assets:
Current assets:
Cash $ 126,500 $ 112,000
Accounts receivable 77,100 92,700
Inventory 95,700 79,800
Prepaid rent 4,700 1,700
Long-term assets:
Land 485,000 485,000
Equipment 784,000 680,000
Accumulated depreciation (434,000) (277,000)
Total Assets $ 1,139,000 $ 1,174,200
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable $ 98,100 $ 85,000
Interest payable 5,200 12,000
Income tax payable 7,700 5,200
Long-term liabilities:
Notes payable 109,000 198,000
Stockholders' equity:
Common stock 708,000 708,000
Retained earnings 211,000 166,000
Total liabilities and stockholders

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