Maynard Company (A)*

Balance Sheet
As of June 1
Assets
Current Assets:
Cash
Accounts Receivable
Note Receivable, Diane Maynard
Supplies on Hand
Merchandise Inventory
Prepaid Insurance
Total Current Assets

$
$
$
$
$
$

Property, plant and equipment:

Land
Building
$
Less: Accumulated Depreciation on Buildin $
Equipment (at cost)
$
Less: Accumulated Depreciation on Equip $
Net property, plant & equipment
Other Assets:
Other Noncurrent Assets
Total Assets

34,983
21,798
11,700
5,559
29,835
3,150
$

107,025

89,700

585,000
-156,000 $
13,260
-5,304 $
$

4,857 $
$

429,000
7,956
526,656

4,857
638,538

Maynard Company (A)*

Balance Sheet
As of June 30
Assets
Current Assets:
Cash
Accounts Receivable
Supplies on Hand
Merchandise Inventory
Prepaid Insurance
Total Current Assets

$
$
$
$
$

66,660
26,505
6,630
26,520
2,826
$

129,141

Property, plant and equipment:

Land
Building
$
Less: Accumulated Depreciation on Buildin $
Equipment (at cost)
$
Less: Accumulated Depreciation on Equip $
Net property, plant & equipment
Other Assets:
Other Noncurrent Assets
Total Assets

$
585,000
-157,950 $
36,660
-5,928 $
$

5,265 $
$

89,700
427,050
30,732
547,482

5,265
681,888

nard Company (A)*

Balance Sheet
As of June 1
Liabilities and Owners' Equity
Current Liabilities:
Accounts Payable
Bank Notes Payable
Taxes Payable
Accrued Wages Payable
Total Current Liabilities

$
$
$
$

Long-term debt
Other Noncurrent Liabilities
Total Liabilities

Shareholders' Equity
Capital Stock
Retained Earnings
Total Shareholder's Equity

$
$

8,517
8,385
5,700
1,974
$

24,576

2,451 $
$

2,451
27,027

390,000
221,511

Total Liabilities & Shareholders' Equity

611,511

638,538

59,991

nard Company (A)*

Balance Sheet
As of June 30
Liabilities and Owners' Equity
Current Liabilities:
Accounts Payable
Bank Notes Payable
Taxes Payable
Accrued Wages Payable
Total Current Liabilities
Long-term debt

$
$
$
$

21,315
29,250
7,224
2,202

Other Noncurrent Liabilities

Total Liabilities
Shareholders' Equity
Capital Stock
Retained Earnings
Total Shareholder's Equity

Total Liabilities & Shareholders' Equity

$
$

2,451 $
$

2,451
62,442

390,000
229,446
$

619,446

681,888

4.354858398

2.152672901

Increase in Eq $

O. NCA

22,776 dep value

408

Maynard Company (B)

INCOME STATEMENT
For the period ending June 30, 2009
Cash Sales
Credit Sales
Total Sales
Cost of Sales
Gross Margin
Expenses:
Wage Expenses
Utilities Expense
Insurance Expense
Supplies Expense
Depriciation Expense: Building
Depriciation Expense: Equipment
Miscellaneous Expense
Income Before Taxes
Provision for Taxes
Net Income

$
$
$
$

44,420.00
26,505.00
70,925.00
39,345.00
$

$
$
$
$
$
$
$

31,580.00

5,888.00
900.00
324.00
600.00
1,950.00
624.00
135.00 $ 10,421.00
$ 21,159.00
$
1,524.00
$ 19,635.00

Maynard Company (B)

STATEMENT OF RETAINED EARNINGS
For the month of June 2011
Retained Earnings, June 1
Add: Net Income
Less: Dividends
Retained Earnings, June 30

$ 221,511.00
$ 19,635.00
$ -11,700.00
$ 229,446.00

AR on June 30
Add: Collections
Less: AR on June 1
Credit Sales

26505
21798
-21798
26505

A/R June 1
Add: Credit Sales
Less: Collections
A/R June 30

Opening Merchandise Inventory

Add: Cash Purchases
Add: Credit Purchases
Less: Closing Merchandise
Merchandise Sold

29835
14715
21315
-26520
39345

Opening Merchandise
Add: Purchases Cash
Add: Purchases Credit
Less: Sales
Closing Merchandise

Wages Paid
Less: Opening Acc Wage Payable
Add: Closing Acc Wage Payable
Wage Expenses

5660
-1974
2202
5888

Opening Supplies Balance

Add: Supplies Purchased
Less: Closing Supplies Balance
Supplies Expense

5559
1671
-6630
600

Opening Acc Depriciation: Building

Closing Acc Depriciation: Building
Depriciation Expense
Opening Acc Depriciation: Equipme
Closing Acc Depriciation: Equipmen
Depriciation Expense
Closing Tax Balance
Opening Tax Balance
Tax Expenses

Opening Wage Payable

Add: Wage Exp
Less: Wages Paid
Closing Wage Payable

-156000
-157950
-1950
-5304
-5928
-624
7224
5700
1524

Opening Tax Payable

Payments
Add: Tax Expense for mon
Closing Tax Payable

Given
TBC
Given
Given
Given
Given
Given
TBC
Given
Given
TBC
Given
Given

Given
Given (0)
TBC
Given

Opening AP
Payments
Bal
Closing

8517
8517
0
21315