Problem # 1
Kenley Corporation
Comparative Balance Sheets
June 30, 2013 and June 30 2014
Assets	2013	2014	Difference
Cash	12,500	69,900	57,400
Accounts Receivable	36,000	31,000	(5,000)
Inventory	51,400	46,400	(5,000)
Prepaid Expenses	2,600	3,200	600
Furniture	60,000	55,000	(5,000)
Accumlated Depr - Furniture	(5,000)	(9,000)	(4,000)
Total Assets	157,500	196,500
Liabilities & Stockholders Equity
Accounts Payable	24,000	23,000	(1,000)
Income tax payable	4,800	4,200	(600)
Notes Payable (Long term)	35,000	37,000	2,000
Common Stock $10 par value	90,000	115,000	25,000
Retained Earnings	3,700	17,300	13,600
Total Liabilities & S/E	157,500	196,500