Quiz+4+Spring - Group Quiz 4 Names _ _ Note: all students...

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Group Quiz 4 Names ________________________________ ___________________________________________ Note: all students listed under “Names” must be present when turning in the quiz. Near the end of 2009, the management of Waren Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2009. Waren Sports Co. Estimated Balance Sheet December 31, 2009 Assets: Liabilities and Equity: Cash $ 35,000 Accounts payable $345,000 Accounts receivable 520,000 Bank loan payable 14,000 Inventory 142,500 Taxes payable (due 3/15/10) 91,000 Total current assets $697,500 Total liabilities $450,000 Equipment $540,000 Common stock 473,000 Less A/D 67,500 472,500 Retained earnings 247,000 Total assets $1,170,000 Total stockholders’ equity 720,000 Total liabilities and equity $1,170,000 To prepare a master budget for January, February, and March of 2010, management gathers the following information. a. Waren Sports’ single product is purchased for $30 per unit and resold for $53 per unit. The expected inventory level of 4,750 units on December 31, 2009, is more than
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This note was uploaded on 07/08/2011 for the course ACG 4352 taught by Professor Nure. during the Spring '11 term at University of Florida.

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Quiz+4+Spring - Group Quiz 4 Names _ _ Note: all students...

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