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Saved Presented here are the comparative balance sheets of Hames Incorporated at December 31, 2023 and 2022. Sales for the year ended December 31,
Saved Presented here are the comparative balance sheets of Hames Incorporated at December 31, 2023 and 2022. Sales for the year ended December 31, 2023, totaled $640,000. HAMES INCORPORATED Balance Sheets Assets Cash December 31, 2023 and 2022 2023 2022 $ 25,000 78,000 $21,000 72,000 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 Long-term debt Total liabilities Total current liabilities Stockholders' Equity Common stock, no par, 100,000 shares authorized 40,000 and 25,000 shares issued, respectively Retained earnings: Net income for the year Beginning balance Dividends for the year Ending balance Total stockholders' equity Total liabilities and stockholders' equity Required: 103,000 $206,000 50,000 125,000 99,000 $ 192,000 40,000 110,000 (65,000) (60,000) $316,000 $282,000 $ 18,000 66,400 $ 17,000- 20,000 76,000 18,000 $ 104,400 $111,000 22,000 30,000 $ 126,400 $141,000 $ 74,000 $ 59,000 $82,000 53,600 $ 85, 2 (20,000) $ 115,600 $ $ 189,600 $ $ 316,000 M
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