11/10/21, 11:08 AM NWP Assessment Player UI Application Sheridan Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Sheridan Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $391,000 $417,400 Accounts receivable, net 1,018,000 776,500 Inventory 720,000 681,050 Other current assets 381,350 247,050 Total current assets 2,510,350 2,122,000 Property, plant, & equipment, net 8,717,185 8,440,050 Total assets $11,227,535 $10,562,050 Liabilities and Stockholders' Equity Current liabilities $3,167,000 $2,846,100 Long-term debt 3,702,600 3,892,700 Total liabilities 6,869,600 6,738,800 Preferred stock, $5 par value 58,950 58,950 Common stock, $0.25 par value 104,650 103,900 Retained earnings 4,194,335 3,660,400 Total stockholders' equity 4,357,935 3,823,250 Total liabilities and stockholders' equity $11,227,535 $10,562,050 http /education.wiley.com/was/uirv2/assessment-player/index.html launchld-d8194776-9899-4710-8773-441336a6346#/question/4 1/2Sheridan Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross prot Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 2020 $10,177,250 5,612,650 4,564,600 2,840,250 1,724,350 300,300 1,424,050 427,215 $996,835 29,450 433,450 462,900 533,935 3,660,400 $4,194,335 2019 $9,614,000 5,298,700 4,315,300 2,634,150 1,681,150 308,650 1,372,500 411,750 $960,750 29,550 413,100 442,650 518,100 3,142,300 $3,660,400