Questions 39-46

Sumlin Inc.

Balance sheet

December 31, 20X1

as S88 Accounts receivable (net) Other current assets Long-term assets Less: Accumulated depreciation. See O 00 45 360 5750 * 10150 600 Total assets 1330 $960 $180 (.20x Accounts payable Mortgage payable Common stock. Retained earnings 112 320 20e S00 360 $540 .$20300 220+49 420 Total liabilities and equities 1330 $960 SUMLIN, Inc. Income Statement For the Year Ending December 31, 20X1 Revenues Expenses $1.600 +(.20x00 1200 \, FIXED 1920 Ses Soo Net Income 400 IHG0 as S88 Accounts receivable (net) Other current assets Long-term assets Less: Accumulated depreciation. See O 00 45 360 5750 * 10150 600 Total assets 1330 $960 $180 (.20x Accounts payable Mortgage payable Common stock. Retained earnings 112 320 20e S00 360 $540 .$20300 220+49 420 Total liabilities and equities 1330 $960 SUMLIN, Inc. Income Statement For the Year Ending December 31, 20X1 Revenues Expenses $1.600 +(.20x00 1200 \, FIXED 1920 Ses Soo Net Income 400 IHG0