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Question 21 (7 points) ACME Inc.'s financial statements showed the following: Balance Sheet Information December 31, 2021 2021 2020 Difference Cash $225,700 $135,600 $90,100
Question 21 (7 points) ACME Inc.'s financial statements showed the following: Balance Sheet Information December 31, 2021 2021 2020 Difference Cash $225,700 $135,600 $90,100 Accounts receivable 47,000 33,000 14,000 Prepaid expenses 49,000 61,500 (12,500) Long-term investment 0 25,000 (25,000) Equipment 465,000 385,000 80,000 Accumulated depreciation, (280,000) (210,000) (70,000) equipment Total assets $506,700 $430,100 $76,600 Accounts payable $51,200 $65,600 ($14,400) Bonds payable 56,000 0 56,000 Common shares 200,000 200,000 Retained earnings Total liabilities and shareholders' equity 199,500 164,500 35,000 $506,700 $430,100 $76,600 Sales Income Statement For the Year Ended December 31, 2021 $982.000
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