2 Comparative Balance Sheet As of December 31 Increase/ 2020 2019 (Decrease) 5 Assets: Cash $127,000 $138,500 ($11,500) Accounts Receivable 210,700 180,400 30,300 Allowance For Doubtful Accounts (22,600) (15,300) (7,300) Inc 0 Inventory 175,160 195,400 (20,240) Investments (Available For Sale] 366,000 341,700 24,300 2 Machinery 354,800 412,000 (57,200) B Accumulated Depreciation-Machinery Buildings (262,000) (317,000) 55,000 dec 445,000 280,000 165,000 5 Accumulated Depreciation - Buildings (85,000) (73,000) (12,000) Inc 5 Land 70,000 0 70,000 Total Assets $1,379,060 $1,142,700 O Liabilities: Accounts Payable 86,800 99,300 (12,500) Accrued Payables 161,500 138,900 22,600 Long-Term Notes Payable 377,200 397,000 (19,800) Note Payable-Building 165,000 0 165,000 Equity: Common Stock [no par] Retained Earnings Total Liabilities and Equity 222,000 195,000 27,000 366,560 $1,379,060 312,500 54,060 $1,142,700 Turkey Creek Inc. Income Statement For Year Ended December 31, 2020 Sales $789,040 Less: Cost of Goods Sold 412,580 Gross Profit 376,460 Less: Operating Expenses 297,100 (Includes Depreciation Expense of $31,000] Income From Operations 79,360 Other Revenues and Expenses: Gain on Sale of Investments 6.900