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Star Videos, Incorporated, produces short musical videos for sale to retail outlets. The companys balance...

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Accounting

Star Videos, Incorporated, produces short musical videos for sale to retail outlets. The companys balance sheet accounts as of January 1 are given below.
Star Videos, Incorporated
Balance Sheet
January 1
Assets
Cash $ 90,200
Accounts receivable 96,200
Inventories:
Raw materials (film, costumes) $ 20,200
Videos in process 56,800
Finished videos awaiting sale 81,800158,800
Prepaid insurance 12,700
Studio and equipment (net)542,000
Total assets $ 899,900
Liabilities and Stockholders Equity
Accounts payable $ 156,000
Retained earnings 743,900
Total liabilities and stockholders equity $ 899,900
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