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The following are account balances on December 31, 2011 for I.C. Optometry (in alphabetical order):
Accounts Payable $ 30,000Accounts Receivable, Net $ 80,000Cash $ 16,000Equity (January 1, 2011) $128,000Expenses (includes taxes) $390,000Inventory $ 62,000Long-term Debt $ 70,000Long-term Investments $ 20,000Net Property & Equipment $110,000Revenues $450,000
Create I.C. Optometry's Balance Sheet (Hint: Not all of the accounts above are balance sheet accounts - you may need to calculate I.C.'s income!)
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