Question: The assets of Aardvark Inc. consist entirely of current assets and net plant and equipment. Cash is $100,000. The firm has total assets of $3,000,000 and net plant and equipment equals $2,500,000 million. It has notes payable of $200,000, long-term debt of $1,000,000, and total common equity of $1,500,000. The firm combines Accounts Payable and Accruals on its balance sheet. The firm only finances with debt and common equity, so it has no preferred stock on its balance sheet. The company's the quick ratio is 1. Create a balance sheet for Aardvark Inc. and answer the questions below.

Calculate the Liabilities and Owner's Equity

Calculate the Current Liabilities

Calculate the Accounts Payable and Accruals

Calculate Current Assets

Calculate the Accounts Receivables