homework problem, Typical Incorporated, will be assigned. ted n Class, and a 5A-1. The comparative balance sheet for TYPICAL Incorporated is shown below for January 1, 20x1, and December 31, 20x1. The income statement for 20x1 is also shown. TYPICAL makes all sales and purchases on account. Any equipment purchases made during the year were in cash TYPICAL INCORPORATED Comparative Balance Sheet January 1 and December 31, 20x1 January 1 December 31 Assets Cash Accounts receivable Supplies Plant & equipment Accumulated depreciation $5,000 3,000 1,000 7,000 3,000 7,000 6,000 17,000 Total Assets $16,000 $30,000 Liabilities & Owners' Equity 1,000 Accounts payable Wages payable 0 S 1,000 2,000 $ 2,000 Total Liabilities Common stock Retained earnings 10,000 5,000 $16,000 16,000 12,000 Total Liabilities & Owners' Equity Chapter 5 Section A