Comparitive balance sheet of Hillard Co$.$ as of Dec $31,2020$ and $2021$ is as under:

Assets $20202021$ Liabilities $20202021$

Cash $16,42528,025$ Accounts Payable $26,90033,450$

Accounts Receivable $12,30010,600$ Salaries Payable $2,4003,100$

Inventory $16,10018,400$ Income tax payable $1,6002,050$

Fixed Assets $163,000206,300$ Loans Payable $106,250113,250$

Investments $13,5009,200$ Retained earnings $84,175120,675$

$221,325272,525221,325272,525$

Income statement for the year $2021$ is as under:

Sales $829,400$

Cost of Goods Sold $614,450$

Gross profit $214,950$

Salaries expenses $12,900$

Depreciation expense $11,600$

Income tax expense $1,150$

Admin. Expenses $164,400$

Net profit $24,900$Q $4)$

Comparitive balance sheet of Hillard Co$.$ as of Dec $31,2020$ and $2021$ is as under: