A B C D E F 3 As of December 31 4 Increase/ 5 2022 2021 (Decrease) 6 Assets: 7 Cash $127,000 $138,500 ($11,500) 8 Accounts Receivable 210,700 180,400 30,300 9 Allowance For Doubtful Accounts (22,600) (15,300) (7,300) Inc 10 Inventory 175,160 195,400 (20,240) 11 Investments [Available For Sale] 366,000 341,700 24,300 12 Machinery 354,800 412,000 (57,200) 13 Accumulated Depreciation - Machinery (262,000) (317,000) 55,000 dec 14 Buildings 445,000 280,000 165,000 15 Accumulated Depreciation - Buildings (85,000) (73,000) (12,000) Inc 16 Land 70,000 0 70,000 17 Total Assets $1,379,060 $1,142,700 18 19 Liabilities: 20 Accounts Payable 86,800 99,300 (12,500) 21 Accrued Payables 161,500 138,900 22,600 22 Long-Term Notes Payable 377,200 397,000 (19,800) 23 Note Payable - Building 165,000 0 165,000 24 25 Equity: 26 Common Stock [no par] 27 Retained Earnings 28 Total Liabilities and Equity 222,000 195,000 27,000 366,560 312,500 54,060 $1,379,060 $1,142,700 29 30 31 32 33 Turkey Creek Inc. Income Statement For Year Ended December 31, 2022 34 35 Sales $789,040 36 Less: Cost of Goods Sold 412,580 37 Gross Profit 376,460 38 Less: Operating Expenses 297,100 39 [Includes Depreciation Expense of $31,000] 40 Income From Operations 79,360 41 Other Revenues and Expenses: 42 Gain on Sale of Investments 43 Loss on Sale of Machinery 44 Net Income 6,900 (10,200) 76,060 45 46 Additional Information: 471) A new building was purchased by signing a Note Payable agreement in the exchange 48 2) Investents that cost $155,000 were sold during the year. 49 3) Machinery that cost $178,000, on which $74,000 of depreciation had accumulated, was sold during 2022. 50 4) Cash Dividends were declared and paid during the year. 515) A Stock dividend was issued; $10,000 of Retained Earnings was distributed 52