ACC 560 MART Motivated Minds/acc560mart.com ACC 560 MART Motivated Minds/acc560mart.com | Page 73

Inventory
7,000 10,000
Land
26,000 20,000
Buildings
70,000 70,000
Accumulated depreciation—buildings
(10,000)
(15,000)
Total
$120,100 $110,500
Accounts payable
31,100 $ 12,370
Common stock
69,000
Retained earnings
20,000
Total
$120,100
$
75,000
23,130
$110,500
Wiemers's 2017 income statement included net sales of $100,000, cost
of goods sold of $60,000, and net income of $15,000.
Instructions