ch2exsol08f - 1200 Notes Payable 1200 Accounts Receivable...

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file:ch2exsolution dgd:08/10 A. Income Statement B. Retained Earnings Statement DIAMOND MANUFACTURING CORPORTION DIAMOND MANUFACTURING CORPORTION Income Statement Retained Earnings Statement For Year Ended August 31, 2010 For Year Ended August 31, 2010 Revenues $3,400 Beg. Retained Earnings, 9/01/09 1600 Less: Expenses Plus: Net Income 400 Cost of Goods Sold 990 Subtotal $2,000 Depreciation Expense 335 Less: Dividends 325 Income Tax Expense 135 End. Retained Earnings, 8/31/10 $1,675 Interest Expense 400 Selling Expenses 440 Wage Expense 700 3000 Net Income $400 C. DIAMOND MANUFACTURING CORPORTION Balance Sheet* 31-Aug-10 Assets Current Assets Liabilities Cash 570 Current Liabilities Short Term Investments
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Unformatted text preview: 1200 Notes Payable 1200 Accounts Receivable 810 Accounts Payable 834 Inventories 967 Current Portion of L/T Deb 450 Prepaid Expenses 12 Income Tax Payable 135 Total Current Assets $3,559 Wages Payable 222 Total Current Liabilities $2,841 Long Term Investments 1000 Long Term Liabilities PPE Long Term Debt 3500 Land 1400 Other Long Term Liabilities 1000 Building, net* 1537 Total Long Term Liabilities 4500 Equipment, net* 1220 Total Liabilities $7,341 Total PPE 4157 Shareholders' Equity Common Stock 900 Intangible Assets:Franchise 1200 Retained Earnings 1,675 2,575 Total Assets $9,916 Total Liabilities & Shhs Equity $9,916...
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