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Owen's Electronics has 90 operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales.
BALANCE SHEET(in $ millions)Assets Liabilities and Stockholders' EquityCash . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2Accounts payable . . . . . . . . . . . . . . . . $15Accounts receivable . . . . . . . . . . . . . . . 20Accrued wages . . . . . . . . . . . . . . . . . . 2Inventory . . . . . . . . . . . . . . . . . . . . . . . 23Accrued taxes . . . . . . . . . . . . . . . . . . . 8Current assets . . . . . . . . . . . . . . . . . . . $45Current liabilities . . . . . . . . . . . . . . . $25Fixed assets . . . . . . . . . . . . . . . . . . . . . 40Notes payable . . . . . . . . . . . . . . . . . . . 10Common stock . . . . . . . . . . . . . . . . . . 15Retained earnings . . . . . . . . . . . . . . . . 35Total liabilities and Total assets . . . . . . . . . . . . . . . . . . . . . $85stockholders' equity . . . . . . . . . . . . . $85
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