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