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Homework Answers
Answer
| Balance Sheet | ||
| Assets | ||
| Cash | $ 14,000.00 | |
| Inventory | $ 17,000.00 | |
| Building | $ 38,000.00 | |
| Total Assets | $ 69,000.00 | |
| Liabilities | ||
| Accounts Payable | $ 5,600.00 | |
| Stockholder's equity | ||
| Common Stock | $ 29,400.00 | [$69000 total -5600-34000] |
| Retained earnings | $ 34,000.00 | [From RE Statement below] |
| Total Liabilities & Stockholder's equity | $ 69,000.00 | |
| Income Statement | ||
| Revenues | $ 85,400.00 | |
| Cost of Goods Sold | $ 55,360.00 | [$ 85400 - 10270 - 19770] |
| Salaries & Wages expense | $ 10,270.00 | |
| Net Income | $ 19,770.00 | [From 'e'] |
| Retained earnings Statement | ||
| Beginning RE | $ 19,000.00 | |
| Add: Net Income | $ 19,770.00 | [$ 34000 + 4770 - $ 19000] |
| Less: Dividends | $ 4,770.00 | |
| Ending Retained earnings | $ 34,000.00 | |
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Exercise 1-12 Here are incomplete financial statements for Cullumber...
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calculate missing amounts
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calculate missing amounts
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