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The following are comparative balance sheets and an income statement for Wentwor Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory
The following are comparative balance sheets and an income statement for Wentwor Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Sales Wentworth Company Income Statement 2021 $ 21,500 2020 $ 120,000 195,000 180,000 105,000 225,000 0 60,000 $ 396,500 $510,000 $ 75,000 $ 120,000 24,000 15,000 70,000 100,000 125,000 125,000 102,500 150,000 $ 396,500 $510,000 For the Year Ended December 31, 2021 Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit $560,000 $225,000 330,000 555,000 180,000 375,000 185,000 180,000 5,000 Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss (7,500) $ (2,500)
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