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Unformatted text preview: Chap 2 FAVIANA ADRIANO SHIPPING December 31 2007 2008 Cash $64,300 $15,640 Accounts receivable 26,240 19,390 Office supplies 3,160 1,960 Office equipment 44,000 44,000 Trucks 148,000 157,000 Building 0 80,000 Land 0 60,000 Accounts payable 3,500 33,500 Note payable 0 40,000 Cost of building and land $140,000 Cash paid for building and land 100,000 Note payable signed for building and land 40,000 Cash Adriano invested in business 35,000 Adriano's draws per month for personal use 3,000 Check figures: (2) Net income $23,290 The accounting records for Faviana Adriano Shipping is given in the excel problem. The assets and liabilities fo Late in December 2008, the business purchased a small office building and land for $140,000. It paid $100,00 The owner, Faviana Adriano, had to invest $35,000 cash in the business to enable it to pay for the $100,000 ca 1. Prepare balance sheets for the business as of December 31, 2007 and December 31, 2008. Remember tha 2. By comparing equity amounts from the balance sheets each year and using the additional information prese...
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This note was uploaded on 02/09/2010 for the course ACCT 2301 taught by Professor Moore,j during the Spring '08 term at HCCS.
- Spring '08