Answer:
Assets
Current Assets
Cash $24,000
Accounts Receivable $8,000
Merchandise inventory $14,800
Office Supplies $2,800
Prepaid Rent $7,400
Prepaid Insurance $3,800
Total Current Assets: $60,800
Property, Plant and Equipment
Buildings $61,400
Land $30,000
Accumulated Depreciation (5,800)
Total PP&E: $85,600
Total Assets: $146,400
Liabilities
Current Liabilities
Salaries Payable $6,400
Accounts payable $14,000
Total Current Liabilities: $20,400
Long-Term Liabilities
Notes Payable (due in 9 years) $38,000
Mortgages Payable $20,000
Total Long-Term Liabilities: $58,000
Total Liabilities: $78,400
Stockholders' Equity
Common Stock $14,000
Retained Earnings $54,000
Total Stockholders' Equity: $68,000
Total Liabilities + Stockholders' Equity: $146,400
