Question
Question 56 Planner Corporation's comparative balance sheets are presented below. PLANNER CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash $21,570 $10,700 Accounts receivable
Question 56 Planner Corporation's comparative balance sheets are presented below. PLANNER CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash $21,570 $10,700 Accounts receivable 18,200 23,400 Land 18,000. 26,000 Building 70,000 70,000 Accumulated depreciation (15,000) (10,000) Total $112,770 $120,100 Accounts payable $12,370 $31,100 Common stock 75,000 69,000 Retained earnings Total 25,400 $112,770 20,000 $210,100 Additional information: 1. Net income was $27,900. Dividends declared and paid were $22,500. 2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $5,900.
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