LN06-ch6-LectureProblems-AFM101s10

LN06-ch6-LectureProblems-AFM101s10 - Chapter 6 Exercise 1...

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Chapter 6 – Exercise 1 (1 of 5) The following is a list of financial statement items and amounts from a recent income statement and balance sheet of Basic Corporation. The company closed its books on December 31, 20A. For each financial statement item listed, indicate whether it appears on the income statement or balance sheet. The first item has been completed as an example. Financial Statement Item Amount Income Statement Balance Sheet Accounts payable $ 41,000 X Accounts receivable 262,000 X Accrued expenses payable 37,000 X Accumulated amortization 128,000 X
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Chapter 6 – Exercise 1 (2 of 5) Financial Statement Item (page 1 of 2) Amount Income Statement Balance Sheet Accounts payable $ 41,000 X Accounts receivable 262,000 X Accrued expenses payable 37,000 X Accumulated amortization 128,000 X Bonds payable 51,000 X Cash and cash equivalents 125,000 X Common stock 150,000 X Contributed surplus 20,000 X Cost of goods sold 350,000 X Extraordinary gain, net of income tax 32,000 X General and administrative expenses 75,000 X Interest income 10,000 X
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LN06-ch6-LectureProblems-AFM101s10 - Chapter 6 Exercise 1...

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