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Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: Year 2 Year 1 Current assets: Cash $ 300 $ 160
Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below: |
Year 2 | Year 1 | |||
Current assets: | ||||
Cash | $ | 300 | $ | 160 |
Accounts receivable | 370 | 380 | ||
Inventory | 250 | 180 | ||
Prepaid expenses | 71 | 81 | ||
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Total current assets | $ | 991 | $ | 801 |
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Current liabilities: | ||||
Accounts payable | $ | 300 | $ | 300 |
Accrued liabilities | 210 | 99 | ||
Notes payable, short term | 81 | 71 | ||
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Total current liabilities | $ | 591 | $ | 470 |
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Sales on account during the year totaled $1,550 thousand. Cost of goods sold was $945 thousand.
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