Fill in the Missing Items in the Balance Sheet

question 4

Essay

Fill in the missing items in the balance sheet.
PURRFECT PETS, INC.
BALANCE SHEET
SEPTEMBER 30,2007

$\begin{array}{lr}\text { Assets } & \\\text { Cash } & \$ 743,800 \\\text { Accounts Receivable } & \quad? \\\text { Inventories } & 54,900 \\\text { Property, Plant, and Equipment } & 119,300 \\\text { Other Assets } & 71,400 \\\text { Total Assets } &\mathbf{\$ \quad?} \\\\\text { Liabilities } & \\\text { Accounts Payable } & \$ 342,500 \\\text { Notes Payable } & \mathbf{\quad?} \\\text { Total Liabilitics } & \mathbf{6 0 7 , 6 0 0} \\\\\text { Shareholders' Equity }\\\text { Contributed Capital } & 662,100 \\\text { Retained Earnings } &\quad? \\ \text { Total Equity } & 789,400\\\\\text { Total Liabilities and Shareholders' }&\$\quad?\\\text { Equity }\end{array}$

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others.

Assets

Resources owned by a business that are expected to bring future benefits.

Calendar Year

The period of time from January 1st to December 31st used by most businesses for accounting and reporting purposes.

Fiscal Year

A 12-month period that companies use for accounting purposes and preparing financial statements, which does not necessarily align with the calendar year.