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this is one Question !Help, 30 min left The following comparative balance sheet is given for Estern Co.: Assets Dec.31, 2021 Dec.31, 2020 Cash $351,000
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!Help, 30 min left
The following comparative balance sheet is given for Estern Co.: Assets Dec.31, 2021 Dec.31, 2020 Cash $351,000 $58,500 Notes Receivable 72,000 63,000 Supplies & Inventory 81,000 121,500 Prepaid expense 31,500 54,000 Long-term investments 81,000 Machines and tools 166,500 144,000 Accumulated depreciation-equipment (63,000) (45,000) Total Assets $639,000 $477,000 Liabilities & Stockholders' Equity Accounts payable $ 31,500 $ 76,500 166,500 Bonds payable (long-term) 211,500 Common Stock 180,000 103,500 Retained Earnings 216,000 130,500 Total Liabilities & Stockholders' Equity $639,000 $477,000 Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $130,500. 2. Depreciation expense is $18,000. 3. There is a loss of $9,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $81,000, yielding a $9,000 lossStep by Step Solution
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