Using the following information for ABC Manufacturing as of yearend $2020$ and year end $2021,$ prepare a $2020$ and $2021$ balance sheet for ABC Manufacturing.

Accumulated depreciation is $$2,020$ at year end $2020$ and is $$2,670$ at year end ${2021}_{?}$ :

Accounts payable are $$1,800$ at year end $2020$ and are $$2,060$ at year end

$2021$:

Accounts receivable are $$2,480$ at year end $2020$ and $$2,690$ at year end $2021$;

Cash is $$1,300$ at year end $2020$ and is $$1,090$ at year end ${2021}_{?}.$

Prepaid expenses are $$0$ in $2020$ and $$280$ in $2021$;

Owner's Investment is $$4,990$ at year end $2020$ and year end $2021$ ;

Inventory is $$5,800$ at year end $2020$ and $$5,750$ at year end ${2021}_{?}$

Long term debt is $$7,800$ at year end $2020$ and $$7,500$ at year end $2021.$

Plant, property, and equipment is $$8,400$ at year end $2020$ and $$9,200$ at year end ${2021}_{?}$

Current portion of lang term debt is $$0$ in $2020$ and $$300$ in $2021$:

Retained eamings are $$1,370$ at year end $2020$ and $$1,490$ at year end $2021.$

Solution

ABC MANUFACTURING

Assets

Current Assets

Cash

Accounts Receivable

Inventory

Prepaid Expenses

Total Current Assets

Long Term Assets

Plant, Property and Equipment

Less Accumulated Depreciation

Total Lang Term Assets

Total Assets

Liabilities and Owner's Eqwitwx

Current Liabilities

Accounts Payable

Current portion of Lang Term Debt

Total Current Liabilities

Long Term Liabilities

Long Term Debt

Total Long Term Liabilities

Total Liabilities

Owner's Equity

Owner's Investment

Retained Earnings

Total Owner's Equity

Total Liabilities and Owner's Equity

$6.$ Given the following data, create a balance sheet for January and February:

$\backslash$table$[[$Account$,$January,February$],[$Accumulated Depreciation,$$500,$$$1,000$