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Question - The current sections of Blossom Rentals balance sheets at December 31, 2021, and 2020, are presented here. Blossom' profit for 2021 was $113,220. Depreciation expense was $17,760.
2021
2020
Current assets
Cash
$77,700
$73,260
Accounts receivable
81,400
65,860
Inventory
116,920
127,280
Prepaid expenses
19,980
16,280
Total current assets
$296,000
$282,680
Current liabilities
Accrued expenses payable
$11,100
$3,700
Accounts payable
62,900
68,080
Total current liabilities
$74,000
$71,780
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