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IA Lundholm Companys comparative balance sheets, income statement, and statement of cash flows for July are presented below: LUNDHOLM COMPANY Comparative Balance Sheets 1-Jul 31-Jul
| IA | ||
| Lundholm Companys comparative balance sheets, income statement, and statement of cash flows for July are presented below: | ||
| LUNDHOLM COMPANY | ||
| Comparative Balance Sheets | ||
| 1-Jul | 31-Jul | |
| Cash | $900 | $1,776 |
| Accounts receivable | 9,750 | 10,200 |
| Inventory | 3,600 | 2,700 |
| Prepaid rent | 600 | |
| Current assets | 14,250 | 15,276 |
| Fixtures and equipment at cost | 2,850 | 3,930 |
| Accumulated depreciation | -1,200 | -1,320 |
| Plant and equipment, net | 1,650 | 2,610 |
| Total assets | $15,900 | $17,886 |
| Accounts payable | $4,500 | $4,650 |
| Salaries and wages payable | 150 | 105 |
| Taxes payable | 561 | |
| Bank loan payable | 2,400 | |
| Current liabilities | 7,050 | 5,316 |
| Long-term loan | 3,000 | |
| Common stock | 6,900 | 6,900 |
| Retained earnings | 1,950 | 2,670 |
| Total liabilities and shareholders' equity | $15,900 | $17,886 |
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
9780077862367
