Scully Corporation’s comparative balance sheets are presented below.
SCULLY CORPORATION
Balance Sheets
| 2011 | 2010 | ||
| Cash | 4,300 | 3,700 | |
| Accounts receivable | 21,200 | 23,400 | |
| Inventory | 10,000 | 7,000 | |
| Land | 20,000 | 26,000 | |
| Building | 70,000 | 70,000 | |
| Accumulated depreciation | (15,000) | (10,000) | |
| Total | 110,500 | 120,100 | |
| Accounts payable | 12,370 | 31,100 | |
| Common stock | 75,000 | 69,000 | |
| Retained earnings | 23,130 | 20,000 | |
| Total | 110,500 | 120,100 | |
Scully’s 2011 income statement included net sales of $100,000, cost of goods sold $60,000, and net income of $15,000.
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