Answers to Practice Problems for Chapters 1 and 2

Answers to Practice Problems for Chapters 1 and 2 - The...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Answers to Practice Problems for Chapters 1 and 2 Page 1
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1. Use the information below to prepare an Income Statement and Balance Sheet for the ABC Company. ABC Company Income Statement Revenues 80,000 Less Expenses Cost of goods sold 50,000 Administrative expenses 10,000 Net Income 20,000 ABC Company Balance Sheet Assets Cash 10,000 Accounts receivable 25,000 Inventory 10,000 Building 45,000 Total Assets 90,000 Liabilities and Equity Accounts payable 5,000 Notes payable 27,000 Paid in capital 10,000 Retained earnings, Dec. 31st 48,000 Total Liabilities and Equity 90,000 2. Use the information below to prepare an Income Statement, Statement of Owners' Equity and Balance Sheet for the Harrison Corporation. All items reflect year-end balances unless otherwise noted. HARRISON CORPORATION
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Answers to Practice Problems for Chapters 1 and 2 - The...

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