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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

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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 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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