can you please check if i am correct please thank you
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 $ $ $ $ $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ S $ $ 300,000 -75,000 225,000 605,000 $ $ $ $ 250,000 -50,000 200,000 472,000 2020 2019 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Notes Payable Salaries Payable Federal Income Taxes Payable Total Current Liabilities S $ $ $ $ 75,000 20,000 40,000 10,000 145,000 $ $ $ $ $ 40,000 60,000 30,000 25,000 155,000 Long Term Liabilities Note Payable Total Liabilities $ $ $ 60,000 205,000 $ $ 37,000 192,000 130,000 Stockholders' Equity: Common Stock, $5 Par Paid-In Capital in Excess of Par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ S $ $ $ 175,000 25,000 200,000 400,000 605,000 $ $ $ $ $ 150,000 280,000 472,000 Comparative Statement of Income For the Years Ended December 31, 2020 and 2019 2020 2019 $ 850,000 $ 475,000 $375,000 $ 790,000 $ 450,000 $ 340,000 Sales Cost of Goods Sold Gross Margin Operating Expenses: Salaries and Wages Expense Rent Expense Depreciation Expense Total Operating Expenses Income from Operations Loss on Sale of Equipment Interest Expense Increase (Decrease) in Operating Income Income before Taxes Federal Income Taxes Net Income $ 120,000 s 30,000 $ 32,000 $ 182,000 $ 193,000 $ 2,000 $ 4,000 $ -6,000 inonno 200,000 40,000 10,000 250,000 90,000 5,000 -5,000 $ 187,000 $ 56,100 $ 130,900 $ S $ 85,000 25,500 59,500 Comparative Statement of Retained Earnings For the Years Ended December 31, 2020 and 2019 2020 2019 Retained Earnings, Beginning $ 150,000 $ 130,000 of Year Net Income $ 130,900 $ 59,500 Less: Dividends $ 80,900 $ 39,500 Retained Earnings, End of Year $ 200,000 $ 150,000 1. Equipment with a cost of $50,000 on which accumulated depreciation has been recorded for $7,000 was sold for $41,000 cash. Additional equipment was purchased using a long-term note payable and cash. 2. Stock was issued for cash. 3. Dividends were paid in cash. out below: 2020 Current Ratio 2020and 2019 2019 1.75 2.62 Quick ratio 2020 and 2019 1.03 1.52 Accounts Receivable Turnover2020 4.857 75.15 2.71 Number of Days Sales in Receivables2020(Company policy states 30 0 days in receivables) 1 2 Inventory Turnover2020 3 Number of Days Sales in Inventory2020(Company policy states 50 14 days to turn over inventory) 15 Ratio of Liabilities to Stockholders' Equity 16 2020 17 18 Rate earned on Total Assets2020 19 20 Rate earned on Stockholders' Equity2020 134.47 0.51 0.32 21 0 3.741 22 Earnings Per Share 2020 and 2019 23 24 25 Cash Flow Statement Income Statement Alorleshootin
