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Table
2. The New Farm Market: Balance Sheet |
| Year
One |
| Assets |
|
|
| |
|
|
| Current
Assets: |
|
|
| Cash |
3,000 |
|
| Accounts
Receivable |
2,000 |
|
| Inventories |
|
|
Merchandise |
25,000 |
|
Supplies |
5,000 |
|
| |
|
|
| Long-Term
Assets: |
|
|
| Equipment |
25,000 |
|
Less Accumulated Depreciation |
11,000 |
|
Equipment (net depreciated value) |
|
14,000 |
| Buildings |
50,000 |
|
Less Accumulated Depreciation |
8.000 |
|
Building (net depreciated value) |
|
42,000 |
| Land |
|
50,000 |
| Total
Assets |
|
$141,000 |
|
| Liabilities |
|
|
| Current
Liabilities: |
|
|
Accounts
Payable
|
|
25,000 |
Bank
Notes Payable
|
|
75,000 |
Accrued
Expenses Payable
|
|
1,000 |
| Long-Term
Liabilities (mortgage) |
|
29,000 |
| Owner's
Equity |
|
10,000 |
| Total
Liabilities & Owner's Equity |
|
$141,000 |
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