Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below:

Minden Company

Minden Company Balance Sheet April 30 Assets Cash LO 15,000 Accounts receivable 78,000 Inventory 37,750 Buildings and equipment, net of depreciation 232,000 Total assets 362, 750 Liabilities and Stockholders Equity Accounts payable $ 81,500 Note payable 14,000 Common stock 180,000 Retained earnings 87, 250 Total liabilities and stockholders' equity $ 362, 750