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The balance sheet data of Waterway Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $30,000 $35,100 Accounts receivable
The balance sheet data of Waterway Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $30,000 $35,100 Accounts receivable (net) 55,400 44,500 Inventory 64,400 45,400 Prepaid expenses 15,000 25,200 Equipment 89,100 75,600 Accumulated depreciation-equipment (17,820) (7,900) Land 69,500 39,700 $305,580 $257,600 Accounts payable $64,800 $51,500 Accrued expenses 15,100 17,800 Notes payable-bank, long-term -0- 23,200 Bonds payable 29,800 -0- Common stock, $10 par 189,600 159,800 Retained earnings 6,280 $305,580 5,300 $257,600
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