Question
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020,
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $660,000. HAMES INC. Balance Sheets December 31, 2020 and 2019 2020 Assets Cash Accounts receivable Merchandise inventory Total current assets Land Plant and equipment Less: Accumulated depreciation Total assets Liabilities Short-term debt Accounts payable Other accrued liabilities Total current liabilities Long-term debt Total liabilities 2019 $ 24,000 78,000 103,000 $205,000 50,000 125,000 (65,000) $315,000 $ 18,000 66,000 20,000 $ 104,000 22,000 $126,000 $ 19,000 72,000 99,000 $ 190,000 40,000 110,000 (60,000) $280,000 $ 17,000 75,000 18,000 $110,000 30,000 $140,000 Stockholders' Equity Common stock, no par, 100,000 shares authorized 40,000 and 25,000 shares issued, respectively Retained earnings: Beginning balance Net income for the year Dividends for the year $ 74,000 $ 81,000 54,000 (20,000) $ 59,000 $ 85,000 1,000 (5,000)
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