157_633912218683464801_Freds_Fine_Lingerie_and_Harley_Shoppe

157_633912218683464801_Freds_Fine_Lingerie_and_Harley_Shoppe...

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Fred's Fine Lingerie and Harley Shoppe Assets = Liabilities + Owners' Equity + ( Revenues - Expenses ) Cash Accounts Payable Common Stock Sales Cost of Goods Sold BB 10,000 40,000BB 10,000 BB 200,000 80,000 25,000 53,000 20,000 Salaries Payable Retained Earnings Salary Expense 10,000BB 56,000 BB 20,000 Accounts Receivable BB 40,000 2,000 69,600 60,000 Taxes Payable Rent Expense 0BB 24,000 Inventory 8,400 BB 36,000 Long-Term Debt 23,000 100,000BB Interest Expense 6,000 Equipment 75,000 BB 180,000 Depreciation Expense 190,000 10,000 Accumulated Depreciation-Equipment 50,000 Tax Expense 60,000 BB 18,000
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Fred's Fine Lingerie and Harley Shoppe Balance Sheet December 31, 20x9 Assets Liabilities Current Assets Current Liabilities Cash $20,000 Accounts Payable $53,000 Accounts Receivable 60,000 Taxes Payable 8,400 Inventory 23,000 Salaries Payable 2,000 Current Portion of Long-Term Debt 25,000 Total Current Assets 103,000 Total Current Liabilities 88,400 Fixed Assets Long-Term Debt
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This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

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157_633912218683464801_Freds_Fine_Lingerie_and_Harley_Shoppe...

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