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 fertilizer At the end of the first year, Bill 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 Assets Current Assets Cash Accounts Receivable (net) Prepaid Insurance Inventory Total Current Assets Property, Plant and Equipment Land Building Equipment Total Assets $29,500 3,500 600 2,000 $35,600 9,000 35,000 17,500 61,500 97,100 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Long-Term Liabilities Notes Payable Total Liabilities Stockholders' Equity Paid-in Capital Capital Stock 5% Preferred stock, $100 par value. non-cumulative, non-participating, 5,000 shares authorized, 70 shares issued and outstanding Common stock, $1 par value, 150,000 shares authorized, 35,100 shares issued and outstanding Total Capital Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $10,000 45,000 $55,000 7,000 35,100 42,100 42,100 97,100