Sheffield comoany

Sheffield Company has been operating for several years, and on December 31, 2017 presented the following balance sheet. SHEFFIELD COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $21.300 Accounts payable $69,000 Receivables 121,000 Long-term notes payable 201.000 Inventory 84,000 Common stock (no par) 150,000 Plant assets (net) Retained earnings 320,000 $546,300 126,300 $546,300 Headlands Incorporated began operations on January 2, 2016. Headlands employs 7 individuals who work 8-hour days and are paid hourly. Each employee earns 12 paid vacation days and 5 paid sick days annually. Vacation days may be taken after February 28 of the year in which they are earned. Sick days may be taken as soon as they are earned: unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2017 2016 $14 2017 2016 $16 2 2017 2016 104 Sheffield Company has been operating for several years, and on December 31, 2017 presented the following balance sheet. SHEFFIELD COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $21.300 Accounts payable $69,000 Receivables 121,000 Long-term notes payable 201.000 Inventory 84,000 Common stock (no par) 150,000 Plant assets (net) Retained earnings 320,000 $546,300 126,300 $546,300 Headlands Incorporated began operations on January 2, 2016. Headlands employs 7 individuals who work 8-hour days and are paid hourly. Each employee earns 12 paid vacation days and 5 paid sick days annually. Vacation days may be taken after February 28 of the year in which they are earned. Sick days may be taken as soon as they are earned: unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2017 2016 $14 2017 2016 $16 2 2017 2016 104