Prepare a balance sheet in proper format for the company as of December 31st
based on the following accounts. Answer questions 8 through 10 based on this
balance sheet.
Accounts Payable
5,000
Long-term Notes Receivable
10,000
Accounts Receivable
15,000
Accrued Expenses
3,000
Cash
10,000
Short-term Notes Payable
7,000
Retained Earnings
2,000
Accumulated depreciation
2,000
Prepaid Expenses
3,000
Capital Stock
8,000
Supplies
7,000
8. What are the company's total liabilities?
O $10,000
O $25000
O $7000
O $28,000

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.