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Condensed financial data of Tamarisk, Inc. follow. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 153,520 $ 91,960 Accounts receivable 166,820
Condensed financial data of Tamarisk, Inc. follow. Tamarisk, Inc. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 153,520 $ 91,960 Accounts receivable 166,820 72,200 Inventory 213,750 195,415 Prepaid expenses 53,960 49,400 Long-term investments 262,200 207,100 Plant assets 541,500 460,750 Accumulated depreciation (95,000) $1,296,750 (98,800) $978,025 Total Liabilities and Stockholders' Equity Accounts payable $ 193,800 $ 127,870 39,900 Accrued expenses payable 31,350 Bonds payable 209,000 277,400 Common stock 418,000 332,500 Retained earnings 444,600 200,355 Total $1,296,750 $978,025 Tamarisk, Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue $738,074 Less: Cost of goods sold $257,374 23,579 Operating expenses, excluding depreciation Tamarisk, Inc. Income Statement Data For the Year Ended December 31, 2022 Sales revenue $738,074 Less: Cost of goods sold $257,374 Operating expenses, excluding depreciation 23,579 Depreciation expense 88,350 Income tax expense 51,832 Interest expense 8,987 Loss on disposal of plant assets 14,250 444,372 Net income $ 293,702 Additional information: 1. New plant assets costing $190,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $109,250 and accumulated depreciation of $92,150 were sold for $2,850 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $49,457 was declared and paid during the year. Tamarisk, Inc. Statement of Cash Flows Adjustments to reconcile net income to
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