Following is a list of all the balance sheet accounts that have been used in the questions in this book. Next to each account is the sum of all the debits to that account and the sum of all credits to that account. Note that these totals reflect all the debits and credits to each account in all chapters of the text, not just the previous two chapters.
Use the information to construct a balance sheet for LCI.
| Account | Debits | Credits |
| CASH | $6,490,001 | $5,433,450 |
| SECURITY DEPOSITS | 4,000 | 0 |
| ADVANCES TO SUPPLIERS | 250,000 | 250,000 |
| ACCOUNTS RECEIVABLE | 932,500 | 641,000 |
| ALLOWANCE FOR | 25,564 | 59,029 |
| UNCOLLECTIBLES | ||
| FINISHED GOODS INVENTORY | 650,000 | 645,000 |
| PREPAID RENT | 4,000 | 4,000 |
| INVESTMENT IN BONDS | 2,000,000 | 0 |
| EQUIPMENT | 45,000 | 0 |
| ACCUMULATED DEPRECIATION | 0 | 11,250 |
| PATENTS | 2,000,000 | 200,000 |
| ACCOUNTS PAYABLE | 215,450 | 315,450 |
| PAYROLL TAXES PAYABLE | 120,000 | 120,000 |
| COMMON STOCK | 0 | 1,000,000 |
| PAID-IN CAPITAL IN EXCESS OF PAR | 0 | 4,000,000 |
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