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 $ 18,700

Accounts receivable 70,250

Inventory 41,250

Buildings and equipment, net of depreciation 230,000

Total assets $ 360,200

Liabilities and Stockholders Equity

Accounts payable $ 72,250

Note payable 13,700

Common stock 180,000

Retained earnings 94,250

Total liabilities and stockholders equity $ 360,200