Solved: The balance sheet and income statement for the A Thiel
The balance sheet and income statement for the A. Thiel Mfg. Company are as follows:Balance Sheet ($000)Cash ……………………………………. $ 500Accounts receivable ……………………. 2,000Inventories ……………………………… 1,000Current assets …………………………. $3,500Net fixed assets ………………………… 4,500Total assets ……………………………. $8,000Accounts payable ……………………… $1,100Accrued expenses ………………………… 600Short-term notes payable ………………… 300Current liabilities ……………………… $2,000Long-term debt …………………………. 2,000Owners’ equity …………………………. 4,000Total liabilities…