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ACC1 1 - P247 a WilcoxInc Revenue 389,950...

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P2-47  a)  Wilcox Inc A Income statement for 2009 Revenue  389,950 Salaries expense  (125,350) Supplies expense  (110,600) Utilities expense  (5,250) Rent expense  (21,200) Other expenses (11,250) Income tax (35,000) Net Income  81,300 Statement of retained earnings Retained earnings beginning 311,000 Net income  81,300 Dividends  (95,500) Retained earning ending 296,800 b) Classified balance sheet for Wilcox Inc. Asset Current Assets: Cash 61,100 Accounts receivable  90,000 Supplies 72,500 Long-term assets Land  42,500 Building 197,550 Total Assets 463,650 Liabilities and stockholders’ equity
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Current liabilities  Accounts payable 38,050 Note payable  63,800 Total liabilities  101,850 Owners’ equity  Capital stock 65,000 Retained earnings 296,800 Total stockholders’ equity  361,800 Total liabilities and stockholders’  equity  463,650 Cash = (Owners’ equity + liabilities) – All another Assets =  463,650 – ( 90,000 + 42,500 +197,550 +72,500) = 60,100  C) The balance in retained earning is so large as compared with  the balance in capital stock because 
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