Hwk__3 - HOMEWORK #3 DUE SEPT. 12 5 points The Great...

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HOMEWORK #3 DUE SEPT. 12 5 points The Great Company has been operating for three years. The December 31, 2007 account balances are: Cash………………. . $ 35,000 Other assets……………. . $ 5,000 Accounts receivable. . 5,000 Accounts payable……… 37,000 Inventory …………. . 40,000 Notes Payable (long-term) 80,000 Notes receivable…… 2,000 Contributed Capital …… 150,000 Equipment…………. 80,000 Retained Earnings ……. 50,000 Factory Building…… 150,000 During the year 2008, the company had the following activities: a. Purchased equipment that cost $30,000; paid $10,000 cash and signed a two-year note for the balance. b. Issue an additional 2,000 shares of stock for $20,000 cash. c. Lent $12,000 to a supplier who signed a six-moth note. d. Borrowed $20,000 cash from a local bank, payable June 30, 2011. e. Purchased an “other asset” for $6,000 cash.
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Hwk__3 - HOMEWORK #3 DUE SEPT. 12 5 points The Great...

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