The following information pertains to Sampson Company . Assume that all balance sheet amounts represent both average and ending balance figures . Assume that all sales were on credit .
Assets Cash and short-term investments $ 45,000 Accounts receivable ( net ) 25,000 Inventory 20,000 Property , plant and equipment 210,000 Total Assets $ 300,000
Liabilities and Stockholders ’ Equity Current liabilities $ 50,000 Long-term liabilities 90,000 Stockholders ’ equity — common 160,000 Total Liabilities and Stockholders ’ Equity $ 300,000
Income Statement Sales $ 120,000 Cost of goods sold 66,000 Gross profit 54,000 Operating expenses 30,000