The comparative financial statements for Halley Company for 2018 and 2019 are presented below.

The comparative financial statements for Halley Company for 2018 and 2019 are presented below.

Halley Company Comparative Balance SheetsFor years ended 2018 and 2019June 30 2019Assets 5Cash ………………………. 53,000Accounts receivable ………….. 106,000Inventory …………………… 162,000Land ………………………. 300,000Buildings and equipment (at cost). – 845 ,000Less: Accumulated depreciation – _ – (514,000)Total Assets 952,000Liabilities and Share EquityAccounts payable ……………. 141,000Interest payable ……………… 8,0“)Mortgage payable ________________ 109 ,0“)Share capital ………………… 520,000Retained earnings ……………. 174,000Total Liabilities and Share Equity 952,000 Halley CompanyStatement of Profit and Lossfor the year 2019 Sales revenue …………….Cost of goods sold ___________ Gross profit _________________ Additions to Retained earningsRetained earnings, Jun 30 2018Retained earnings, Jun 30 2019 June 30 2018$52,00093,000151,000300,000790,000(460.000)926,000 1361110 10,000120,011)520,000140,000926,000

 
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