Question: Prepare a balance sheet for Rayco, Inc., for December 31, 2010. The company assets are: cash, $105,095; accounts receivable, $6,503; merchandise inventory, $190,014; equipment, $32,507. The liabilities are: accounts payable, $6,007; wages payable, $4,761; mortgage note payable, $281,017. The owner's capital is $42,334.