Maynard Company's Balance Sheet and Income Statement Are Provided Below

Maynard Company's balance sheet and income statement are provided below: $\begin{array}{lll}\hline \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \text { Maynard Company } \\\hline \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \text {Balance Sheet} \\\hline \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \text {As of December 31 ,} \\\begin{array}{|l|r|r|}\hline \text { } \\\hline \text {Assets } &\underline { 2014 }&\underline { 2013 }\\\hline \text {Cash } &83,500 &\$ 92,000\\\hline\text { Accounts receivable } & 94,000 & 90,000 \\\hline \text { Inventory } & 62,500 & 60,000 \\\hline \text { Plant and equipment, net } & 500,000 & 525,000 \\\hline \text { Land } & \underline {150,000} & \underline {150,000} \\\hline \text {Total assets } &\underline { \$ 890,000 }&\underline { \$ 917,000 }\\\hline\\\hline \text {Liabilities and Stockholders' Equity} \\\hline \text { Accounts payable } &\$ 73,000 & \$ 62,000 \\\hline \text { Notes payable } & 115,000 & 160,000 \\\hline \text { Capital stock, no par } & 440,000 & 400,000 \\\hline \text { Retained earnings } & \underline {262,000} & \underline {295,000} \\\hline \text { Total liabilities and stockholders' equity } & \underline {\$ 890,000} & \underline {\$ 917,000} \\\hline\end{array}\end{array}$

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free