Chapter 1&2 - .$7,500 $ 7,500 Net Income $ 7,500 Problem 2.16 a The company had a net income of $5,838(in millions b Cash balance at the

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Ankita Shah Problem 2.2 Assets Liabilities Current Assets Current Liabilities Cash $ 69,000 Accounts Payable $ 26,000 Accounts Receivable $ 70,000 Notes Payable $288,000 Total Current Assets$139,000 Total Current Liabilities $314,000 Fixed Assets Owner’s Equity Supplies $ 14,000 Capital Stock $ 92,000 Building $ 80,000 Retained Earnings $ 62,000 Automobiles $165,000 Total Equity $154,000 Total Fixed Assets $259,000 Other Assets Land $ 70,000 Total Other Assets $ 70,000 Total Assets $468,000 Total Liability $468,000 Problem 2.13 Yarnell Company Income Statement for August 2007 Revenues Services provided to customers……………………………………. .….$15,000 Expenses Expenses req’d to provide srvcs to customers….
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Unformatted text preview: .$7,500 $ 7,500 Net Income $ 7,500 Problem 2.16 a) The company had a net income of $5,838 (in millions). b) Cash balance at the beginning of the year was $506 (in millions) and was $793 ( in millions) at the end of the year. The most important reasons for cash decrease during the year were: 1. Purchase of Business 2. Decrease in proceeds from sales and investments c) The largest asset and liability included in the company’s balance sheet are property of building’s at $14,056 (in millions) and accounts payable at $6,032 (in millions) respectively....
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This note was uploaded on 12/13/2009 for the course ACCOUNTING ACCTG 50 taught by Professor B during the Fall '09 term at University of Phoenix.

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Chapter 1&2 - .$7,500 $ 7,500 Net Income $ 7,500 Problem 2.16 a The company had a net income of $5,838(in millions b Cash balance at the

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