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Practice Exercise 2 Rojas Corporations comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash $15,000 $10,200 Accounts receivable
Practice Exercise 2
Rojas Corporations comparative balance sheets are presented below.
| ROJAS CORPORATION Comparative Balance Sheets December 31 | ||||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| Cash | $15,000 | $10,200 | ||||
| Accounts receivable | 21,400 | 23,800 | ||||
| Land | 19,800 | 26,400 | ||||
| Buildings | 70,100 | 70,100 | ||||
| Accumulated depreciationbuildings | (15,300 | ) | (10,800 | ) | ||
| Total | $111,000 |
| $119,700 |
| ||
| Accounts payable | $12,800 | $27,800 | ||||
| Common stock | 74,600 | 73,400 | ||||
| Retained earnings | 23,600 |
| 18,500 |
| ||
| Total | $111,000 |
| $119,700 |
| ||
Additional information:
| 1. | Net income was $22,800. Dividends declared and paid were $17,700. | |
| 2. | No noncash investing and financing activities occurred during 2020. | |
| 3. | The land was sold for cash of $4,500. |
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