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BARCELONA INCORPORATED
Comparative Balance Sheets
June 30, 2021 and 2020
	2021	2020
Assets
Cash	$ 86,300	$ 41,700
Accounts receivable, net	78,000	61,000
Inventory	66,000	92,000
Prepaid expenses	5,000	6,300
Total current assets	235,300	201,000
Equipment	153,000	142,000
Accumulated depreciationEquipment	(39,000)	(13,000)
Total assets	$ 349,300	$ 330,000
Liabilities and Equity
Accounts payable	$ 30,000	$ 36,000
Wages payable	8,000	19,000
Income taxes payable	3,600	4,000
Total current liabilities	41,600	59,000
Notes payable (long term)	38,000	75,000
Total liabilities	79,600	134,000
Equity
Common stock, $5 par value	220,000	160,000
Retained earnings	49,700	36,000
Total liabilities and equity	$ 349,300	$ 330,000

Account Title	Debit	Credit
1	June 30	Cashselected answer correct
		Accounts receivable, netselected answer correct
		Salesselected answer correct
2	June 30	Accounts payableselected answer correct
		Cost of goods soldselected answer correct
		Inventoryselected answer correct
		Cashselected answer correct
3	June 30	Depreciation expenseselected answer correct
		Accumulated depreciation - Equipmentselected answer correct
4	June 30	Other expensesselected answer correct
		Wages payableselected answer correct
		Prepaid expensesselected answer correct
		Cashselected answer correct
5	June 30	Cashselected answer correct
		Accumulated depreciation - Equipmentselected answer correct
		Gain on sale of equipmentselected answer correct
		Equipmentselected answer correct
6	June 30	Income taxes expenseselected answer correct
		Income taxes payableselected answer correct
		Cashselected answer correct
7	June 30	Notes payable (long-term)selected answer correct
		Cashselected answer correct
8	June 30	Equipmentselected answer correct
		Cashselected answer correct
9	June 30	Cashselected answer correct
		Common stock, $5 par valueselected answer correct
10	June 30	Salesselected answer correct
		Gain on sale of equipmentselected answer correct
		Income summaryselected answer correct
11	June 30	Income summaryselected answer correct
		Cost of goods soldselected answer correct
		Depreciation expenseselected answer correct
		Other expensesselected answer correct
		Income taxes expenseselected answer correct
12	June 30	Income summaryselected answer correct
		Retained earningsselected answer correct
13	June 30	Retained earningsselected answer correct
		Cash

BARCELONA INCORPORATED
Income Statement
For Year Ended June 30, 2021
Sales		$ 803,000
Cost of goods sold		491,000
Gross profit		312,000
Operating expenses
Depreciation expense	$ 68,000
Other expenses	77,000
Total operating expenses		$ 145,000
		167,000
Other gains (losses)
Gain on sale of equipment		3,300
Income before taxes		170,300
Income taxes expense		52,130
Net income		$ 118,170