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ACC 400 FINAL EXAM - ACC 400 FINAL EXAM The condensed...

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ACC 400 FINAL EXAM The condensed financial statements of Westward Corporation for 2009 and 2008 are presented below. Westward Corporation Westward Corporation Balance Sheet Income Statement December 31, 2009 For the Year Ended December 31, 2009 Assets Revenues $2,000,000 Current assets Expenses Cash and temporary Cost of goods sold 1,080,000 investments $ 30,000 Selling and administrative Accounts receivable 70,000 Expenses 495,000 Inventories 120,000 Interest expense 30,000 Total current assets 220,000 Total expenses 1,605,000 Property, plant, and Income before income taxes 395,000 equipment (net) 780,000 Income tax expense 140,000 Total assets $1,000,000 Net income $ 255,000 Liabilities and Stockholders' Equity Current liabilities $ 80,000 Long-term liabilities 300,000 Common stockholders' equity 620,000 Total liabilities and stockholders' equity $1,000,000 Westward Corporation Westward Corporation Balance Sheet Income Statement December 31, 2008 For the Year Ended December 31, 2008 Assets Revenues $2,500,000 Current assets Expenses Cash and temporary Cost of goods sold 1,750,000 investments $ 40,000 Selling and administrative Accounts receivable 90,000 Expenses 500,000 Inventories 150,000 Interest expense 30,000 Total current assets 280,000
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  • Spring '09
  • GILBERTRODRIGUEZ
  • Balance Sheet, Generally Accepted Accounting Principles, Westward Corporation Westward, liabilities Long-term liabilities, liabilities Common stockholders, Net income Liabilities

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