5,700 A/P 10,000 Accrued expenses Kylen Wilson is the owner of Wilson's Turf Magic, a distributor of golf course fertilizers and assorted supplies. The following is a balance sheet of the company as of December 31, 2020. Cash A/R 6,400 1,200 INV 12,500 Equipment 8,000 Wilson, capital 22,100 Acc. Dep. (6,500) Totals 29.700 29.700 Wilson has asked you to help him prepare 2021 financial statements (both cash and accrual) for his business. Your analysis of his 2020 cash transactions recorded in the company's bank account indicates receipts and expenses as follows: Deposits $184,200 (all from customers except for a $10,000 financing note) Expenses Inventory/suppliers 120,600 Salaries 8,250 Rent (for 2021 only) 7,800 Equipment 4,000 Paid insurance for 2 years, payment made Mar 1 3,600 Office expenses 3,400 Auto expenses 4,100 Draws Total 12,000 163.750 Other information: 1. A/R balance at 31 Dec 2021, $9,200 2. A/P balance at 31 Dec 2021, $8,700 3. Salaries payable at 31 Dec 2021, $1,800 4. Equipment is depreciated over a 10-year life with no salvage value. The equipment purchased in 2021 was done so on July 1. 5. Interest payable at 31 Dec 2021, $140 6. INV at 31 Dec 2021, $17,400