Maynard Company (A)*

Balance Sheet
As of June 1
Assets
Current Assets:
Cash $ 34,983
Accounts Receivable $ 21,798
Note Receivable, Diane Maynard $ 11,700
Supplies on Hand $ 5,559
Merchandise Inventory $ 29,835
Prepaid Insurance $ 3,150
Total Current Assets $ 107,025

Property, plant and equipment:

Land $ 89,700
Building $ 585,000
Less: Accumulated Depreciation on Buildin $ -156,000 $ 429,000
Equipment (at cost) $ 13,260
Less: Accumulated Depreciation on Equip $ -5,304 $ 7,956
Net property, plant & equipment $ 526,656

Other Assets:
Other Noncurrent Assets $ 4,857 $ 4,857
Total Assets $ 638,538

Maynard Company (A)*

Balance Sheet
As of June 30
Assets
Current Assets:
Cash $ 66,660
Accounts Receivable $ 26,505
Supplies on Hand $ 6,630
Merchandise Inventory $ 26,520
Prepaid Insurance $ 2,826
Total Current Assets $ 129,141
Property, plant and equipment:
Land $ 89,700
Building $ 585,000
Less: Accumulated Depreciation on Buildin $ -157,950 $ 427,050
Equipment (at cost) $ 36,660
Less: Accumulated Depreciation on Equip $ -5,928 $ 30,732
Net property, plant & equipment $ 547,482

Other Assets:
Other Noncurrent Assets $ 5,265 $ 5,265
Total Assets $ 681,888
nard Company (A)*
Balance Sheet
As of June 1
Liabilities and Owners' Equity
Current Liabilities:
Accounts Payable $ 8,517
Bank Notes Payable $ 8,385
Taxes Payable $ 5,700
Accrued Wages Payable $ 1,974
Total Current Liabilities $ 24,576

Long-term debt
Other Noncurrent Liabilities $ 2,451 $ 2,451
Total Liabilities $ 27,027

Shareholders' Equity
Capital Stock $ 390,000
Retained Earnings $ 221,511
Total Shareholder's Equity $ 611,511

Total Liabilities & Shareholders' Equity $ 638,538

nard Company (A)*

Balance Sheet
As of June 30
Liabilities and Owners' Equity
Current Liabilities:
Accounts Payable $ 21,315
Bank Notes Payable $ 29,250
Taxes Payable $ 7,224
Accrued Wages Payable $ 2,202
Total Current Liabilities $ 59,991

Long-term debt
 Other Noncurrent Liabilities $ 2,451 $ 2,451
Total Liabilities $ 62,442

Shareholders' Equity
Capital Stock $ 390,000
Retained Earnings $ 229,446
Total Shareholder's Equity $ 619,446

Total Liabilities & Shareholders' Equity $ 681,888

4.354858398

2.152672901
Increase in Eq $ 22,776 dep value

O. NCA $ 408
 Maynard Company (B)
INCOME STATEMENT
For the period ending June 30, 2009

Cash Sales $ 44,420.00

Credit Sales $ 26,505.00
Total Sales $ 70,925.00
Cost of Sales $ 39,345.00
Gross Margin $ 31,580.00
Expenses:
Wage Expenses $ 5,888.00
Utilities Expense $ 900.00
Insurance Expense $ 324.00
Supplies Expense $ 600.00
Depriciation Expense: Building $ 1,950.00
Depriciation Expense: Equipment $ 624.00
Miscellaneous Expense $ 135.00 $ 10,421.00
Income Before Taxes $ 21,159.00
Provision for Taxes $ 1,524.00
Net Income $ 19,635.00

Maynard Company (B)

STATEMENT OF RETAINED EARNINGS
For the month of June 2011
Retained Earnings, June 1 $ 221,511.00
Add: Net Income $ 19,635.00
Less: Dividends $ -11,700.00
Retained Earnings, June 30 $ 229,446.00
AR on June 30 26505 A/R June 1
Add: Collections 21798 Add: Credit Sales
Less: AR on June 1 -21798 Less: Collections
Credit Sales 26505 A/R June 30

Opening Merchandise Inventory 29835 Opening Merchandise

Add: Cash Purchases 14715 Add: Purchases Cash
Add: Credit Purchases 21315 Add: Purchases Credit
Less: Closing Merchandise -26520 Less: Sales
Merchandise Sold 39345 Closing Merchandise

Wages Paid 5660 Opening Wage Payable

Less: Opening Acc Wage Payable -1974 Add: Wage Exp
Add: Closing Acc Wage Payable 2202 Less: Wages Paid
Wage Expenses 5888 Closing Wage Payable

Opening Supplies Balance 5559

Add: Supplies Purchased 1671
Less: Closing Supplies Balance -6630
Supplies Expense 600

Opening Acc Depriciation: Building -156000

Closing Acc Depriciation: Building -157950
Depriciation Expense -1950

Opening Acc Depriciation: Equipme -5304

Closing Acc Depriciation: Equipmen -5928
Depriciation Expense -624

Closing Tax Balance 7224 Opening Tax Payable

Opening Tax Balance 5700 Payments
Tax Expenses 1524 Add: Tax Expense for mon
Closing Tax Payable
Given
TBC
Given
Given

Given Opening AP 8517

Given Payments 8517
Given Bal 0
TBC Closing 21315
Given

Given
TBC
Given
Given

Given
Given (0)
TBC
Given