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Financial Statements [kept on a GAAP basis): Modern Day Clothing, Inc. Balance Sheet Assets: Cash Accounts ReceivableCredit Cards Accounts ReceivableTrade Less: Allowance for Bad Debts
Financial Statements [kept on a GAAP basis): Modern Day Clothing, Inc. Balance Sheet Assets: Cash Accounts ReceivableCredit Cards Accounts ReceivableTrade Less: Allowance for Bad Debts Inventory Taxexempt Securities U.S. Treasury Bonds Fixed Assets Less: Acc. Depreciation Land-Unimproved (tax and GAAP basis) Prepaid Rent Total Assets: Liabilities and Shareholders' Equity: Accounts Payable Accrued Em pl oyee Wages 121'31I'2014 12f31l'2015 $ 340,000l $ 385,000 205,000 232,000 63,000 58,000 (13,000) {11,500} 2,903,000 3,010,000 100,000 100,000 200,000 200,000 4,010,000 4,650,000 {2,826,000} {3,055,000} 250,000 0 165 000 163 000 $5,353,000 $5,736,500 99,000 93,000 2?,000 31,000
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