The comparative balance sheets of Sweet Inc. at the beginning and the end of the year 2020 are as follows.
SWEET INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 46,500
$ 14,500
$32,000 Inc.
Accounts receivable
94,140
89,640
4,500 Inc.
Equipment
42,140
23,640
18,500 Inc.
Less: Accumulated Depreciation-Equipment
20,140
11,000
9,140 Inc.
Total
$162,640
$116,780
Liabilities and Stockholders' Equity
Accounts payable
$ 23,140
$ 16,640
6,500 Inc.
Common stock
101,500
81,640
19.860 Inc.
Retained earnings
38,000
18,500
19,500 Inc.
Total
$162,640
$116,780
Net income of $47,140 was reported, and dividends of $27,640 were paid in 2020. New equipment was purchased and none was sold.