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Maynard Case

The balance sheet shows the financial position of Maynard Company on June 1 and June 30. Total assets decreased from $638,538 to $681,888 over the month. Retained earnings increased from $221,511 to $229,446. The profit and loss statement shows the company had sales of $44,420 in cash and $26,505 in credit for the month of June. Cost of goods sold was calculated and gross profit determined. The cash receipt and disbursement statement tracks cash inflows of $98,783 and outflows of $67,106 for the month.

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Anindya Basu
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69 views3 pages

Maynard Case

The balance sheet shows the financial position of Maynard Company on June 1 and June 30. Total assets decreased from $638,538 to $681,888 over the month. Retained earnings increased from $221,511 to $229,446. The profit and loss statement shows the company had sales of $44,420 in cash and $26,505 in credit for the month of June. Cost of goods sold was calculated and gross profit determined. The cash receipt and disbursement statement tracks cash inflows of $98,783 and outflows of $67,106 for the month.

Uploaded by

Anindya Basu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Balance Sheet of Maynard Company

As on June I As on June 30
Particulars Amt Amt Amt Amt Amt Amt
I Equity and Liabilities
Shareholders’ Equity
Capital stock 390000 390000
Retained earnings 221511 611511 229446 619446
Non-Current Liabilities
Other non-current liabilities 2451 2451 2451 2451
Current Liabilities
Accounts payable 8517 21315
Bank Notes payable 8385 29250
Taxes payable 5700 7224
Accrued wages payable 1974 24576 2202 59991
TOTAL 638538 681888
II Assets
Non-current assets
Building 585000 585000
Less: Accu depreciation 156000 429000 157950 427050
Equipment 13260 36660
Less: Accu depreciation 5304 7956 5928 30732
Land 89700 89700
Other noncurrent assets 4857 531513 5265 552747
Current Assets
Accounts receivable 21798 26505
Cash 34983 66660
Merchandise inventory 29835 26520
Note receivable 11700 0
Prepaid office Supplies 5559 6630
Prepaid insurance 3150 107025 2826 129141
TOTAL 638538 681888
Maynard Company
Profit and Loss Statement for June
Particulars Amt
Sales (44,420 cash sales + [ (21798-21798)+26,505] credit sales)
Less: Cost of goods sales: (Op inven + Direct cost - Cl inven)
Merchandise purchased (cash 14715 + credit [(8,517‑8,517)+21,315] 36030
Wages(5660‑1,974+2,202) 5888
Inventory, June 1 (opening inventory) 29835
Inventory, June 30 (closing inventory) 26520
Gross Profit
Cash Reciept and Disbursement
For the month of june
Amt Receipts Amt Disburs Amt
70925 Cash sale 44420 Equip Pur 23400
Credit Customer 21798 Other asset Pur 408
Diane 11700 Payment to AP 8517
Bank loan 20865 Cash Pur mer 14715
TOTAL 98783 Cash Pur Supp 1671
45233 Dividends 11700
25692 Wages 5660
Utilities 900
Misc 135
TOTAL 67106

Reconciliation Amt
OP bal 34983
Reciepts 98783
Subtotal 133766
Disbursment 67106
Cl Bal 66660

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