The comparative balance sheets
and income statements for Gypsy Company follow.
Balance Sheets
As of December 31
2017
2016
Assets
Cash
$
23,243
$
2,651
Accounts receivable
2,237
1,342
Inventory
6,202
5,814
Equipment
22,837
44,607
Accumulated
depreciation—equipment
(9,806
)
(16,588
)
Land
14,214
8,184
Total assets
$
58,927
$
46,010
Liabilities and
equity
Accounts payable (inventory)
$
2,671
$
4,315
Long-term debt
2,695
6,160
Common stock
20,700
10,500
Retained earnings
32,861
25,035
Total liabilities
and equity
$
58,927
$
46,010...