M10-Chp-01-8-Chap-1-Super Co Fin Statements

M10-Chp-01-8-Chap-1-Super Co Fin Statements -...

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c3f64558d664bdeddd612d7f308a3476362da923.xls Super Company - Balance Sheet - Beginning and End of 2005 Assets Jan. 1 Dec. 31 Debt & Equity Jan. 1 Dec. 31 Current Assets: Current Liabilities: Cash $30,000 $40,000 Accounts Payable $11,000 $12,000 Accounts Receivable 15,000 50,000 Salaries Payable 4,000 3,000 Prepaid Expenses 5,000 10,000 Dividends Payable 3,000 5,000 Inventory 40,000 50,000 Income Tax Payable 8,000 10,000 Total Current Assets 90,000 150,000 Total Current Liabilities 26,000 30,000 Non-Current Assets: Bonds Payable (10%) 0 50,000 Long-Term Investments 10,000 10,000 Total Liabilities 26,000 80,000 Land 20,000 30,000 Owner Equity: 120,000 160,000 Common Stock ($10 Par) 80,000 100,000 Accumulated Depreciation -40,000 -50,000 Retained Earnings 94,000 120,000 Non-current assets 110,000 150,000 Owner Equity 174,000 220,000 Total Assets $200,000 $300,000 Debt and Equity $200,000 $300,000 Accounts Receivable are for sales. Accounts payable are for purchase of inventory.
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