Brief Exercise 3–7BE 3–7The following information is taken from the balance sheet of Raineer Plumbing: cash and cash equivalents, $40,000; accounts receivable, $120,000;inventories, ?; total current assets, $235,000; property, plant, and equipment (net), ?; total assets, $400,000; accounts payable, $32,000; note payable (due in two years), $50,000; common stock; $100,000; and retained earnings, ?. Determine the missing amounts.
$218,000Brief Exercise 3–8BE 3–8For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note: (1) depreciation method; (2) contingency information; (3) significant issuance of common stock after the fiscal year-end; (4) cash equivalent designation; (5) long-term debt information; and (6) inventory costing method.