Question
Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given below: Minden Company Balance Sheet
Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given below:
Minden Company Balance Sheet April 30 | ||||||||||||||||
Assets | ||||||||||||||||
Cash | $ | 9,000 | ||||||||||||||
Accounts receivable | 54,000 | |||||||||||||||
Inventory | 30,000 | |||||||||||||||
Buildings and equipment, net of depreciation | 207,000 | |||||||||||||||
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Total assets | $ | 300,000 | ||||||||||||||
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Liabilities and Stockholders Equity | ||||||||||||||||
Accounts payable | $ | 63,000 | ||||||||||||||
Note payable | 14,500 | |||||||||||||||
Common stock | 180,000 | |||||||||||||||
Retained earnings | 42,500 | |||||||||||||||
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Total liabilities and stockholders equity | $ | 300,000 | ||||||||||||||
The company is in the process of preparing a budget for May and has assembled the following data:
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