Assets Cash Accounts receivable Merchandise inventory Total current assets Land Plant and equipment Less: Accumulated depreciation Total assets Liabilities Short-term debt Accounts payable HAMES INCORPORATED Balance Sheets December 31, 2023 and 2022 Other accrued liabilities Total current liabilities Long-term debt Total liabilities Stockholders' Equity Common stock, no par, 100,000 shares authorized 40,000 and 25,000 shares issued, respectively Retained earnings: Beginning balance Net income for the year 2023 2022 $ 21,000 78,000 103,000 $ 202,000 50,000 125,000 (65,000) $ 312,000 $ 18,000 64,800 20,000 $ 102,800 22,000 $ 124,800 $ 20,000 72,000 99,000 $ 191,000 40,000 110,000 (60,000) $ 281,000 $ 17,000 75,500 18,000 $ 110,500 30,000 $ 140,500 $ 74,000 $ 59,000 $ 81,500 51,700 (20,000) $ 113,200 $ 187,200 $ 85,000 1,500 (5,000) $ 81,500 $ 140,500 $ 281,000 Ending balance Dividends for the year Total stockholders' equity Total liabilities and stockholders' equity $ 312,000