] Prepare a 2009 balance sheet for Bertinelli Corp. based on the following information: cash = $195,000; patents and copy-rights = $780,000; accounts payable = $405,000; accounts receivable = $137,000; tangible net fixed assets = $2,800,000; inventory = $264,000; notes payable = $160,000; accumulated retained earnings = $1,934,000; long-term debt = $1,195,300.

Something is wrong here. The numbers won't balance with just this info. Did they say anything about net income? How did you get these numbers?

Exactly the teacher, just gave us this question, with no explanation, I don't get either it is in my book .

Well, if that's all you have to go on, I'd have to assume the difference is the current year's net income.