Question - National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2010:
Inventory $325,000
Notes payable 100,000
Cash 150,000
Contributed capital 250,000
Equipment 700,000
Accumulated depreciation 600,000
Accounts receivable 30,000
Accounts payable 45,000
Retained earnings 210,000
Requirements:
1. What is the amount of National's total assets?
2. What is the amount of National's total liabilities?
3. What is the amount of National's stockholders' equity?