Maynard Company

Balance Sheet
as of June 30
Assets Liabilities and Owner's Equity

Current Assets Current Liabilities

Cash 66,660 Accounts payable 21,315

Accounts Recievable 26,505 Accrued wages payable 2,202
Merchandise Inventory 26,520 Bank notes payable 29,250
Note Recievable, Diane Maynard 0 Taxes Payable 7,224
Supplies on hand 6,630 Total current Liabilities 59,991
Prepaid Insurance 2,826
Total current Assets 129,141

Noncurrent Assets Non Current Liabilities

Building 585,000 Other non current liablities 2,451

Land 89,700
Equipment (at cost) 36,660
Less: Owner's Equity
Accumulated depreciation on Building 157,950
Accumulated depreciation on equipment 5,928 Capital Stock 390,000
Retained Earnings 229,446
Building, Land & Equipment - net 547,482 619,446

Other non current assets 5,265

Total Aset $681,888 Total Liabilities and Owner's Equity $681,888

 Maynard Company
Income Statement
For the Month end of June 30

Net Sales 70,925

Cost of Sales 39,345
Gross Margin 31,580
Expenses
Wages paid 5,888
Utilities paid 900
Supplies 600
Insurance 324
Depreciation 2,574
Miscellaneous 135
10,421
Operating Income 21,159
Income Tax Expense 1,524
Net Income $19,635
Dividends 11,700
Increase in retained earnings $7,935

Cash Receipts and Disbursements

Month of June
Cash Receipts Cash Disbursements
Cash Sales $44,420 Equipment purchased $23,400
Credit customers $21,798 Other assets purchased $408.00
Diane Maynard $11,700 Payments on accounts payable $8,517.00
Bank loan $20,865 Cash purchases of merchandise $14,715.00
Total receipts $98,783 Cash purchases of supplies $1,671.00
Dividends $11,700.00
Wages paid $5,600.00
Utilities paid $900.00
Miscellaneous payments $135.00
Total disbursements $67,106

Reconciliation:
Cash balance, June 1 $34,983
Receipts $98,783
Sub Total $133,766
Disbursements $67,106
Cash balance, June 30 $66,660