Balance Sheet as of as of 12/31/2019 12/31/2020 286,500 Assets: Cash Accounts Receivable Inventory Prepaid Insurance 30,000 40,000 15,000 638,500 50,000 20,000 65,000 Franchise Rights (Acc. Amort) 8,000 50,000 (14,000) (7,000) 350,000 (50,000) Equipment (Acc. Dept.) 475,000 700,000 Land Total Assets: ( (150,000) 500,000 1,577,500 1,429,500 Liabilities: Accounts Payable Wages Payable 30,000 130,000 15,000 5,000 20,000 20,000 Rent Payable Unearned Revenue Short-term Note Payable 5,000 2/3 75,000 5,000 Dividdents Payable 7,000 550,000 Long-term Note Payable Total Liabilites: 400,000 545,000 717,000 Shareholders' Equity: : Common Stock 100,000 Paid in Capital, Common 375,000 200,000 450,000 210,500 860,500 Retained Earnings 409,500 Total Shareholder's Eq. 884,500 Income Statement for 2019 for 2020 Sales Revenue 1,500,000 2,030,000 Balance Sheet as of as of 12/31/2019 12/31/2020 286,500 Assets: Cash Accounts Receivable Inventory Prepaid Insurance 30,000 40,000 15,000 638,500 50,000 20,000 65,000 Franchise Rights (Acc. Amort) 8,000 50,000 (14,000) (7,000) 350,000 (50,000) Equipment (Acc. Dept.) 475,000 700,000 Land Total Assets: ( (150,000) 500,000 1,577,500 1,429,500 Liabilities: Accounts Payable Wages Payable 30,000 130,000 15,000 5,000 20,000 20,000 Rent Payable Unearned Revenue Short-term Note Payable 5,000 2/3 75,000 5,000 Dividdents Payable 7,000 550,000 Long-term Note Payable Total Liabilites: 400,000 545,000 717,000 Shareholders' Equity: : Common Stock 100,000 Paid in Capital, Common 375,000 200,000 450,000 210,500 860,500 Retained Earnings 409,500 Total Shareholder's Eq. 884,500 Income Statement for 2019 for 2020 Sales Revenue 1,500,000 2,030,000