Answers to Assignment 1 - Accounts payable 62,305 60,445...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Answers to Assignment 1
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Income Statement 2010 2009 Revenues 128,954 126,283 Cost of Goods Sold 104,451 98,866 Selling and administrative expenses 18,061 19,819 Income tax expense 592 468 Net Income 5,850 7,130 Statement of Owners' Equity Capital 131,566 121,820 Retained earnings, Jan. 1 26,809 22,619 Net Income 5,850 7,130 Dividends 1,816 2,940 Retained earnings, Dec. 31 30,843 26,809 Balance Sheet Assets Cash 6,505 20,894 Accounts receivable 10,406 7,194 Inventory 48,623 50,041 Property, plant and equipment 285,095 262,415 Intangible assets 165 165 Total Assets 350,794 340,709 Liabilities and Equity
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Unformatted text preview: Accounts payable 62,305 60,445 Notes payable 126,080 131,635 Capital 131,566 121,820 Retained earnings, Dec. 31 30,843 26,809 Total Liabilities and Equity 350,794 340,709 Although many answers would be acceptable regarding the companys operational success and financial position, answers should address key income statement elements such as the companys improving revenues, increasing costs and/or decreasing net income for operational success as well as the companys changes in balance sheet items such as cash, equipment, accounts or notes payable for financial position....
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Answers to Assignment 1 - Accounts payable 62,305 60,445...

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