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LLS6e_Ch01 - Student Name Class Problem 01-01 Requirement 1...

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Student Name: Class: Problem 01-01 Requirement 1: PROPANE COMPANY Income Statement For the Year Ended December 31, 2009 Total sales revenue Total expenses Pretax income Income tax expense Net income Requirement 2: PROPANE COMPANY Statement of Retained Earnings For the Year Ended December 31, 2009 Beginning retained earnings + Net income - Dividends Ending retained earnings Requirement 3: PROPANE COMPANY Balance Sheet At December 31, 2009 Assets: Cash Receivables from customers Inventory of merchandise Equipment Total Assets Liabilities: Accounts payable Salary payable Total Liabilities Stockholders' equity: Contributed capital Retained earnings Total Stockholders' equity Total liabilities and stockholders' equity
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Given Data P01-01: PROPANE COMPANY Cash $22,500 Receivables from customers 10,800 Inventory of merchandise 81,000 Equipment owned, at cost less used portion 40,700 Accounts payable owed to suppliers 46,140 Salary payable for 2009 1,800 Total sales revenue 126,000 Expenses, including cost of merchandise sold (excluding income taxes) 80,200
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