Acct 321 Question 1

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Acct 321 Question 2

Sandhill Inc., a greeting card company, had the following statements prepared as of December 31, 2020. SANDHILL INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $7,000 Accounts receivable 62,500 51,200 Short-term debt investments (availale-for-sale) 35,300 17,900 Inventory 39,800 60,100 Prepaid rent 5,100 3,900 Equipment 155,200 130,400 Accumulated depreciation-equipment (34,700 ) (25,200 ) Copyrights 45,500 50,400 Total assets $314,600 $295,700 Accounts payable $46,100 $39,900 Income taxes payable 4,100 6,000 Salaries and wages payable 8,000 4,000