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December 31 2021 2020 Cash $ 1500000 $ 990000 Accounts receivable (net) 1750000 1200000 Inventories 2650000 2300000 Plant assets (net) 8000000 6400000 Accounts payable 1100000
December 31 2021 2020 Cash $ 1500000 $ 990000 Accounts receivable (net) 1750000 1200000 Inventories 2650000 2300000 Plant assets (net) 8000000 6400000 Accounts payable 1100000 780000 Income taxes payable 220000 90000 Bonds payable 1500000 1500000 2200000 2200000 10% Preferred stock. $50 par Common stock, $10 par 2450000 1900000 Paid-in capital in excess of 1500000 1400000 Retained earnings 4150000 3500000 Net credit sales 12750000 Cost of goods sold 8400000 Operating expenses 2900000 Net income 1500000 Additional information: Depreciation Included in cost of goods sold and operating expenses is $1220000, on May 1, 2021,55000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021 The return on common stock holders' equity for 2021 is O 1500 + 7340 O 1280 + 8100 O 1280 + 7340 1500-8100
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