Assets SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 Amount % Amount % Current assets: Cash $ 103,500 $ 70,400 Accounts receivable 46,800 32,000 Inventory 44,550 71,200 7,200 3,600 Prepaid rent Long-term assets: Investment in bonds Land 54,900 117,450 141,600 Equipment 106,200 102,000 Less: Accumulated depreciation (30,600) (20,800) Total assets $ 450,000 $ 400,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ Interest payable Income tax payable 46,800 3,600 10,000 Long-term liabilities: Notes payable 138,150 127,600 Stockholders' equity: Common stock 144,000 144,000 30,150 69 7,200 12,150