We Really Love Cash, Co. Comparative Balance Sheet December 31 We Really Love Cash, Co. Income Statement For the Year ended December 31, 2020 2020 2019 Assets Cash Accounts Receivable Inventory Property, plant & equipment, net Total Assets $6,200 5,200 30,000 211,500 $252,900 $4,300 5,500 34,200 215,300 $259,300 Sales revenue Cost of goods sold Gross profit Operating expenses Income from before gain and taxes Gain on sale of equipment Income tax expense Net income $127,900 69,800 58,100 46,900 11,200 900 800 $11,300 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Taxes payable Bonds payable Total liabilities Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $1,700 2,000 2,500 60,000 66,200 125,000 61,700 186,700 $252,900 $5,900 2,200 2,600 50,000 60,700 125,000 73,600 198,600 $259,300 Additional data: 1. Depreciation expense of $1,900 is included in the Operating Expenses on the Income Statement. 2. Equipment with an original cost of $35,000 was sold for $20,300. The gain on sale was $900. 3. On June 1, 2020, the company purchased new equipment for cash at a cost of $17,500. 4. The company paid $23,200 in cash dividends for the year. We Really Love Cash, Co. Comparative Balance Sheet December 31 We Really Love Cash, Co. Income Statement For the Year ended December 31, 2020 2020 2019 Assets Cash Accounts Receivable Inventory Property, plant & equipment, net Total Assets $6,200 5,200 30,000 211,500 $252,900 $4,300 5,500 34,200 215,300 $259,300 Sales revenue Cost of goods sold Gross profit Operating expenses Income from before gain and taxes Gain on sale of equipment Income tax expense Net income $127,900 69,800 58,100 46,900 11,200 900 800 $11,300 Liabilities and Stockholders' Equity Accounts payable Accrued expenses Taxes payable Bonds payable Total liabilities Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $1,700 2,000 2,500 60,000 66,200 125,000 61,700 186,700 $252,900 $5,900 2,200 2,600 50,000 60,700 125,000 73,600 198,600 $259,300 Additional data: 1. Depreciation expense of $1,900 is included in the Operating Expenses on the Income Statement. 2. Equipment with an original cost of $35,000 was sold for $20,300. The gain on sale was $900. 3. On June 1, 2020, the company purchased new equipment for cash at a cost of $17,500. 4. The company paid $23,200 in cash dividends for the year
