question national shops inc reported the

Question

Question :

National Shops, Inc. reported the subsequent amounts on its balance sheet as of 31^st December, 2010:

Inventory            $325,000

Notes payable   100,000

Cash      150,000

Contributed capital         250,000

Equipment          700,000

Accumulated depreciation           600,000

Accounts receivable       30,000

Accounts payable            45,000

Retained earnings           210,000

Requirements: 5 points each, 15 points total

1. Evaluate the amount of National's total assets? _______________

2. Determine the amount of National's total liabilities?   _______________

3. Evaluate the amount of National's stockholders' equity            _______________