CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT The comparative balance sheets of Waterways Corporation's Irrigation Installation Division for the years 2019 and 2020 and the income statements for the year 2019 and 2020 are presented below. Additional information: 85% of the sales for Waterways were credit sales. There are 5,000 shares outstanding for both years. This is a private corporation whose shares are not available to the public WATERWAYS CORPORATION-INSTALLATION DIVISION Balance Sheets December 31 Assets Current assets 2020 2019 Cash Accounts receivable $833,800 687,300 $749,800 541,000 Work in process 695,400 Inventory 16,700 7,400 Prepaid expenses 76,000 42,500 Total current assets 2,300,200 1,341,500 Property, plant, and equipment Land 300,000 300,000 Buildings 453,000 453,000 Equipment 934,100 804,600 Furnishings Accumulated depreciation Total property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities $3,552,200 40,000 40,000 (484,100) (481,800) 1,243,000 1,115,800 $2,457,300