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The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $86 million. SURMISE COMPANY Comparative
The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $86 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash $ 43 $ 49 Accounts receivable 93 113 Less: Allowance for uncollectible accounts (28) (5) Prepaid expenses 23 19 Inventory 141 125 Long-term investment 73 30 Land 106 106 Buildings and equipment 423 285 Less: Accumulated depreciation (146) (114) Patent 28 29 $ 756 $ 637 Liabilities Accounts payable Accrued liabilities Notes payable Lease liability Bonds payable $ 22 $ 48 3 23 50 131 68 142 Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 72 50 267 205 143 169 $ 756 $ 637
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