HWK__1 - Balance Sheet in determining your answers...

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HOMEWORK #1 DUE AUG. 29 5 points Part 1: Classify the following accounts as an Asset (A), a Liability (L), or an Stockholder’s Equity (E) account. _____ a. Account Payable ______ g. Accounts Receivable _____ b. Capital Stock ______ h. Note payable _____ c. Supplies ______ i. Merchandise Inventory _____ d. Land ______ j. Mortgage Payable _____ e. Prepaid Expenses ______ k. Accrued Expenses Payable _____ f. Retained Earnings ______ l. Marketable Securities Part 2: Fill in the blanks below. Utilize the relationships on the Income Statement and
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Unformatted text preview: Balance Sheet in determining your answers. Independent Companies Total Revenus Total Expenses Net Income Total Assets Total Liabilities Stockholder’s Equity A $ $40,000 $20,000 $100,00 $70,000 $ B $100,00 $ $30,000 $ $30,000 $20,000 C $90,000 $55,000 $ $450,00 $ $300,000 D $ $90,000-$10,000 $70,000 $45,000 $ Which company appears to have the strongest financial position? Explain your reasoning....
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