The following list summarizes the assets and liabilities of a business at the close of business on the last day of its most recent profit period:
|
Amounts owed by customers to the business |
$485,000 |
|
Cost of unsold products (that will be sold next period) |
$678,000 |
|
Cash balance on deposit in checking account with bank |
$396,000 |
|
Amounts owed by business for unpaid purchases and expenses |
$438,000 |
|
Notes payable to bank (on which interest is paid) |
$500,000 |
|
Original cost of long-term operating assets that are being depreciated over their useful lives to the business |
$950,000 |
|
Accumulated depreciation of long-term operating assets |
$305,000 |
Using this information, prepare the business’s balance sheet.