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Construct a balance sheet for Sophie’s Sofas given the following data. (Be sure to list the...

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 = $ 7,000
  Inventory of sofas = $ 170,000
  Store and property = $ 70,000
  Accounts receivable = $ 19,000
  Accounts payable = $ 14,000
  Long-term debt = $ 140,000


BALANCE SHEET OF SOPHIE’S SOFAS
Assets Liabilities & Shareholders’ Equity
  (Click to select)Accounts receivableStore and propertyInventoryShareholders’ equityLong-term debtAccounts payableCash $      (Click to select)Accounts payableShareholders’ equityLong-term debtInventoryAccounts receivableStore and propertyCash $   
  (Click to select)Shareholders’ equityLong-term debtAccounts receivableStore and propertyCashAccounts payableInventory      (Click to select)CashShareholders’ equityAccounts receivableLong-term debtAccounts payableStore and propertyInventory   
  (Click to select)InventoryStore and propertyAccounts receivableAccounts payableShareholders’ equityCashLong-term debt      (Click to select)Store and propertyCashAccounts payableAccounts receivableInventoryShareholders’ equityLong-term debt   
  (Click to select)Shareholders’ equityAccounts receivableInventoryAccounts payableCashLong-term debtStore and property   
  Total assets $      Total liabilities & shareholders' equity $   

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