Principles of Managerial Finance

144

Track Software, Inc.

Balance Sheets ($000)

December 31

Assets 2003 2002

Current assets

Cash $ 12 $ 31

Marketable securities 66 82

Accounts receivable 152 104

Inventories  (^1)  (^9)  (^1)   (^1)  (^4)  (^5) 
Total current assets $ (^4)  (^2)  (^1)  $ (^3)  (^6)  (^2) 
Gross fixed assets $195 $180
Less: Accumulated depreciation  (^6)  (^3)   (^5)  (^2) 
Net fixed assets $ (^1)  (^3)  (^2)  $ (^1)  (^2)  (^8) 
Total assets $

5

5

3

$

4

9

0

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $136 $126
Notes payable 200 190
Accruals  (^2)  (^7)   (^2)  (^5) 
Total current liabilities $363 $341
Long-term debt $ (^3)  (^8)  $ (^4)  (^0) 
Total liabilities $ (^4)  (^0)  (^1)  $ (^3)  (^8)  (^1) 
Stockholders’ equity
Common stock (50,000 shares outstanding
at $0.40 par value) $ 20 $ 20
Paid-in capital in excess of par 30 30
Retained earnings  (^1)  (^0)  (^2)   (^5)  (^9) 
Total stockholders’ equity $ (^1)  (^5)  (^2)  $ (^1)  (^0)  (^9) 
Total liabilities and stockholders’ equity $

5

5

3

$

4

9

0

Table 3