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 = $ 12,500
Inventory of sofas = $ 225,000
Store and property = $ 125,000
Accounts receivable = $ 24,500
Accounts payable = $ 19,500
Long-term debt = $ 195,000
BALANCE SHEET OF SOPHIE’S SOFAS
Assets Liabilities & Shareholders’ Equity
Cash $ 12,500 Accounts payable $ 19,500
Accounts receivable 24,500 Long-term debt 195,000
Inventory 225,000 Shareholders’ equity 172,500
Store & property 125,000
Total assets $ 387,000 Total liabilities & Shareholders’ equity $ 387,000
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