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A comparative balance sheet for Cheyenne Corporation is presented as follows. December 31 Assets 2020 2019 Cash $ 72,900 $ 22,000 Accounts receivable 84,190
A comparative balance sheet for Cheyenne Corporation is presented as follows. December 31 Assets 2020 2019 Cash $ 72,900 $ 22,000 Accounts receivable 84,190 68,290 Inventory 182.190 191,290 Land 73,190 112,290 Equipment 262,190 202.290 Accumulated Depreciation-Equipment (71,190 ) (44,290) Total $603,470 $551,870 Liabilities and Stockholders' Equity Accounts payable $36,190 $ 49,290 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 203,280 138,580 Total $603,470 $551,870 Additional information: 1. 2. Net income for 2020 was $129,380. No gains or losses were recorded in 2020. Cash dividends of $64,680 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
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