Question
1. Presented below are the financial statements of Mega Tech Inc. Mega Tech Inc. Comparative Balance Sheets April 30 Full Marks:30 Assets 2021 2020 Current
1. Presented below are the financial statements of Mega Tech Inc.
Mega Tech Inc. Comparative Balance Sheets April 30
Full Marks:30
Assets | 2021 | 2020 |
Current Assets | ||
Cash | $67000 | $42980 |
Short Term Investments | 29500 | 22500 |
Accounts Receivable | 56900 | 47500 |
Inventory | 102,300 | 90650 |
Long Term Assets | ||
Long term Investments | 97,000 | 103000 |
Equipment | 198,000 | 215000 |
Accumulated depreciation-equipment | (50000) | (48000) |
Total | $500,700 | $473,630 |
Current Liabilities | ||
Accounts Payable | $85,300 | $55400 |
Accrued Expenses payable | 26700 | 15000 |
Long Term Liabilities |
Bonds Payable | 98,000 | 80,000 |
Stockholders Equity | ||
Common Stock | 125,000 | 165500 |
Retained Earnings | 165,700 | 157,730 |
Total | $500,700 | $473,630 |
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