Total Net Worth Total Liabilities and Net Worth Are amounts that cus- tomers owe the...
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Total Net Worth Total Liabilities and Net Worth Are amounts that cus- tomers owe the retailer for goods and services. Total Assets _ TMD Furniture, Inc Balance Sheet July 31 Current Assets Cash Accounts Receivable Inventory Current Liabilities 11,589 71,517 103,806 Accounts Payable Payroll Payable Current Notes Payable Taxes Payable $57,500 1,451 14,000 1,918 $186,912Total Current Liabilities Total Current Assets Noncurrent Assets Building (less depreciation) Fixtures and Equipment (less depreciation) Total Noncurrent Assets Goodwill $ 74,869 Long-term Liabilities Long-term Notes Payable Mortgage Payable $52,750 38,500 72,919 Total Long-term Liabilities $91,250 93,812 Net Worth Total Liabilities and 100 $259,931 $259,931 Net Worth Total Assets Exhibit 8.68 Sample Balance Sheet An asset is anything of value that is owned by the retail firm. Assets are broken wn into two categories: current and noncurrent do ll other items that the retailer can easily
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