Exercise 5-18

The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below.

MADRASAH CORPORATION BALANCE SHEETS
		Dec. 31, 2014			Jan. 1, 2014			Inc./Dec.
Assets
Cash		$21,358			$14,795			$6,563	Inc.
Accounts receivable		107,358			89,795			17,563	Inc.
Equipment		40,358			23,795			16,563	Inc.
Less: Accumulated Depreciation-Equipment		(17,000	)		(11,000	)		6,000	Inc.
Total		$152,074			$117,385
Liabilities and Stockholders