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Unformatted text preview: To start the company, the owners invested cash of $75,000. Since then, the company has been fairly successful and no additional investments have been made; however, in an effort to save some money, the president has been keeping track of the financial records rather than hiring a professional accountant. Although some data is missing, a comparative two-year report appears below. December 31, 2010 2009 Advertising Expense 6,656 5,943 Salary and Wage Expense ? 44,628 Equipment 41,419 ? Cost of Goods Sold 189,093 154,994 Long-Term Liabilities 32,524 25,868 Revenue 246,496 220,086 Accounts Payable ? 3,692 Cash 6,232 5,419 Selling Expense 732 711 Inventory 4,723 4,294 Administrative Expense 891 594 Accounts Receivable 2,129 2,241 Retained Earnings 12,680 ? Land 70,342 70,342 Dividends 1,600 1,200 Prepare an income statement, statement of owners equity and a balance sheet for each year and determine the missing values....
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