B&L Landscapes, Inc. Mini Practice Part 3 Bill Graham and Larry Miller incorporated B&L Landscapes, Inc. on July 1.2016. The business consists of lawn care and sprinkler system installations. In addition, they also sell two types of At the end of the first year, Bl and Larry have asked you to analyze their first year of operations and given them some suggestions on areas that may need improvement as they move into their second year Below are the balance sheets for the date of incorporation and the end of the first year of operations B&L Landscapes, Inc. Balance Sheet July 1, 2016 Current Assets Accounts Receivable (net) Prepaid Insurance $29,000 5.100 1.400 Total Current Assets Property, Plant and Equipment $42.000 8.500 27.500 Equipment Total Assets $98.000 iabilities and Stockholders Equity Cument Liabilities Accounts Payable Long-Term Liabilities Notes Payable Total iabilities Stockholders' Equity Paid-in Capital Capital Stock 5% Preferred stock, $100 par value $11,000 6.000 $57,000 5.000 shares authorized, 30 shares issued and outstanding Common stock $1 par value, 150,000 shares authorized. 38.000 shares issued Total Capital Stock Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders 41,000 $98.000