Balance Sheets
Assets
Cash ^(a)
Accounts receivable
Inventories
Total current assets
Net fixed assets
Total assets
2021 2020
Casha $7,282 $57,600
Accounts receivable 632,160 351,200
Inventories 287,360 715,200
Total current assets $1,926,802 $1,124,000
Net fixed assets 939,790 344,800
Total assets $2,866,592 $1,468,800
Liabilities and equity
Accounts payable $524,160 $145,600
Accruals 489,600 136,000
Notes payable 636,808 200,000
Total current liabilities $1,650,568 $481,600
Long-term debt 723,432 323,432
Total liabilities $2,374,000 $805,032
Common stock (100,000 shares) 460,000 460,000
Retained earnings 32,592 203,768
Total common equity $492,592 $663,768
Total liabilities and equity $2,866,592 $1,468,800
Assume that all cash is excess cash; i.e., this cash is not needed for operating purposes.
Income Statements
Sales $6,126,796 $3,432,000