After its first year of operation, Rusty Nails, Inc. presented the following financial reports Rusty Nails...

  

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After its first year of operation, Rusty Nails, Inc. presented the following financial reports Rusty Nails Inc. Balance Sheet as of December 31, 2005 Assets Cash Accounts Receivable Merchandise Inventory Prepaid Rent Store Equipment Less: Accumulated Depreciation Total Assets Liabilities Accounts Payable Uneamed Income on Rentals Notes Payable (Long-Term) Total Liabilities Stockholders Equity Common Stock 100,000 shares; $4 par value Retained Eamings Total Stockholders Equity Total Liabilities and Stockholders Equity Sales Revenue Rent Revenues Cost of Goods Sold Rent Expense Depreciation Total Expense $ 14,000 6969 Net Income $ Rusty Nails, Inc. Income Statement for the twelve months ended December 31, 2005 $336,700 $ 160,300 $ 65,200 4,000 13,900 $ 100,000 2,000 $ $ 100 6969 100 $ $ $ 580,100 $ 16,200 $ 6,000 $ 100,000 $ 122,200 $ 400,000 $ 57,900 $ 457,900 $ 580,100 $ 150,000 $ 10,000 $ 102,100 $ 57,900 After its first year of operation, Rusty Nails, Inc. presented the following financial reports Rusty Nails Inc. Balance Sheet as of December 31, 2005 Assets Cash Accounts Receivable Merchandise Inventory Prepaid Rent Store Equipment Less: Accumulated Depreciation Total Assets Liabilities Accounts Payable Uneamed Income on Rentals Notes Payable (Long-Term) Total Liabilities Stockholders Equity Common Stock 100,000 shares; $4 par value Retained Eamings Total Stockholders Equity Total Liabilities and Stockholders Equity Sales Revenue Rent Revenues Cost of Goods Sold Rent Expense Depreciation Total Expense $ 14,000 6969 Net Income $ Rusty Nails, Inc. Income Statement for the twelve months ended December 31, 2005 $336,700 $ 160,300 $ 65,200 4,000 13,900 $ 100,000 2,000 $ $ 100 6969 100 $ $ $ 580,100 $ 16,200 $ 6,000 $ 100,000 $ 122,200 $ 400,000 $ 57,900 $ 457,900 $ 580,100 $ 150,000 $ 10,000 $ 102,100 $ 57,900