Petersen, Inc. had the following balances on their balance sheet as of 12/31/20X4 (this is the complete balance sheet):
$\begin{array}{lc}
\text { Cash } & \$ 50,000 \
\text { Accounts Receivable } & 100,000 \
\text { Inventory } & 250,000 \
\text { Fixed Assets(net) } & 500,000 \
\text { AccountsPayable } & 220,000 \
\text { Long Term Debt } & 180,000 \
\text { Common Stock } & 100,000 \
\text { Retained Earnings } & 400,000
\end{array}$ ($000)

Question

Petersen, Inc. had the following balances on their balance sheet as of 12/31/20X4 (this is the complete balance sheet):
 $\begin{array}{lc}
\text { Cash } & \$ 50,000 \
\text { Accounts Receivable } & 100,000 \
\text { Inventory } & 250,000 \
\text { Fixed Assets(net) } & 500,000 \
\text { AccountsPayable } & 220,000 \
\text { Long Term Debt } & 180,000 \
\text { Common Stock } & 100,000 \
\text { Retained Earnings } & 400,000
\end{array}$  ($000)

Quizplus · Accepted Answer

The Answer of Petersen, Inc. had the following balances on their balance sheet as of 12/31/20X4 (this is the complete balance sheet):
 $\begin{array}{lc}
\text { Cash } & \$ 50,000 \
\text { Accounts Receivable } & 100,000 \
\text { Inventory } & 250,000 \
\text { Fixed Assets(net) } & 500,000 \
\text { AccountsPayable } & 220,000 \
\text { Long Term Debt } & 180,000 \
\text { Common Stock } & 100,000 \
\text { Retained Earnings } & 400,000
\end{array}$  ($000)

Petersen, Inc ($000)