Question & Answer: Imamani Corporation Balance Sheet December 31, 20X5 Liabilities and Stockholder's Equity Current liabilities Asset…..

Imamani Corporation Balance Sheet December 31, 20X5 Liabilities and Stockholder’s Equity Current liabilities Assets Current assets Cash Accounts receivable Inventories Prepaid insurance Total Current Assets $182,345 56,766 121,008 3,883 Accounts payable Interest payable Total Current Liabilities $78,011 31,117 $109,128 364,002 Long-term liabilities Loan payable Total Liabilities 1,000,000 1,109,128 Long-term investments Cash value of insurance Land held for speculation Total Long-term Investments 25,000 156,098 Stockholders’ equity $755,000 646,992 181,098 Capital stock Retained earnings Total Stockholders Equity Property, Plant, and Equipment 1,401,992 $278,790 Land Building Less: Accum. Depreciation (988,777 1,001,999 Equipment Less: Accum. Depreciation (477,654) 410,231 Total Property, Plant, and Equipment 1,990,776 887,885 1,691,020 Intangible assets Patent 275,000 Total Liabilities and 2,511,120 Stockholder’s Equity Total Assets $2,511,120