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homework_1_solution - E13 L A E E L E L A A(1)Accounts...

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L (1) Accounts payable A (10) Buildings A (2) Accounts receivable A (11) Cash and cash equivalents E (3) Cost of goods sold A (12) Land E (4) Distribution and warehousing costs A (13) Machinery and equipment L (5) Dividends payable E (14) Marketing, selling and advertising E (6) General and administrative R (15) Net sales L (7) Income taxes payable L (16) Notes payable to banks A (8) Inventories E (17) Provision for income taxes* A (9) Investments (in other companies) SE (18) Retained earnings *Note that “Provision for income taxes” is a common synonym for “Income tax expense.” E1-5 Read More Store Balance Sheet At December 31, 2006 Assets Liabilites Cash $ 48,000 Accounts payable 7,000 Accounts receivable 25,000 Note payable 3,000 Store and office equipment 49,000 Interest payable 120 Total liabilities $ 10,120 Stockholder’s Equity Contributed Capital $ 100,000 Retained Earnings 12,780 Total stockholder’s equity 112, 780 Total assets $ 122,900 Total liabilities and
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homework_1_solution - E13 L A E E L E L A A(1)Accounts...

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