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balancesheetreview - $1,000 Cash $3,000 Paid in capital in...

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Mineral deposits Dividends payable Interest receivable Depletion expense Cash Bad debt expense Prepaid rent Building Preferred stock Land Inventory Income tax expense Bond payable Common Stock Sales discounts Equipment Note payable Accounts payable Supplies Acc, Depreciation - Equip Prepaid Insurance Account receivable Cost of good sold Shipping expense Retained earnings Wages payable Sales returns Paid in capital in excess par Sales Trademark Oil reserves Goodwill Allowance for doubtful accounts Wages expense Petty cash Treasury stock Patents Amortization expense
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Listed below are account balances for JP Stevens company. Construct a Net income statement and Balance sheet as of the end of the year 20 Inventory $39,000 Income tax expense $3,000 Bond payable $20,000 Common Stock, par $1 $15,000 Sales returns (5,000) Equipment $10,000 Note payable $15,500 Accounts payable $4,000 Supplies $4,000 Acc, Depreciation - Equip (2,000) Prepaid Insurance $1,000 Account receivable $6,000 Cost of good sold $12,000 Operating expenses $12,000 Retained earnings $3,000 Wages payable
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Unformatted text preview: $1,000 Cash $3,000 Paid in capital in excess par $7,500 Sales $40,000 Trademark $5,000 Oil reserves $0 Treasury stock $0 What account goes on NI statement? What accounts goes on the Balance sheet? 009 Johnson Company Net income statement For year ending 2008 Sales $40,000 Sales returns (5,000) Net Sales $35,000 Cost of good sold (12,000) Gross margin $23,000 Operating expenses (12,000) Operating income $11,000 Income tax expense (3,000) Net income $8,000 J.P. Stevens Balance Sheet as of 12/31/2008 Cash $3,000 Bond paya Account receivable $6,000 Accounts p Supplies $4,000 Note payab Prepaid Insurance $1,000 Wages pay Inventory $39,000 Total liabil Equipment $10,000 Acc, Depreciation (2,000) Common S Trademark $5,000 Paid in cap Retained e Total Assets $66,000 Total liab. able $20,000 payable $4,000 ble $15,500 yable $1,000 lities $40,500 Stock $15,000 pital in excess par $7,500 earnings $3,000 and equity $66,000...
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This note was uploaded on 11/08/2009 for the course -01 80445 taught by Professor Allsup during the Spring '08 term at Kennesaw.

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balancesheetreview - $1,000 Cash $3,000 Paid in capital in...

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