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Unformatted text preview: Current liabilities Notes payablecurrent installment $100,000 Federal income taxes payable 75,000 Total current liabilities $175,000 Long-term liabilities Notes payable 500,000 Total liabilities 675,000 Stockholders equity Common stock, no par; 1,000,000 shares authorized and issued; 950,000 shares outstanding $1,150,000 Retained earnings 738,000 1,888,000 Less: Treasury stock, at cost (50,000 shares) 87,000 Total stockholders equity 1,801,000 Total liabilities and stockholders equity $2,476,000...
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This note was uploaded on 05/23/2011 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.
- Spring '11