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SCh10

Fundamentals of Financial Accounting with Annual Report

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Student Name: Instructor Class: McGraw-Hill/Irwin Demonstration Case 10B Requirement 1: Date Assets = Liabilities + Stockholders' Equity Aug. 3 Cash + 350,000,000 Notes Payable + 350,000,000 Requirement 2: December 3, 2008 dr Cash 350,000,000 cr Notes Payable 350,000,000 Requirement 3: December 31, 2008 dr Interest Expense 2,041,667 cr Interest Payable 2,041,667 Requirement 4: December 31, 2008 Quick Assets = $20,900,000,000 = 0.80 Current Liabilities $26,100,000,000 Correct!
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Student Name: Instructor Class: McGraw-Hill/Irwin Coached Problem 10-2 Requirement 1: January 8, 2010 dr Inventory 14,000 cr Accounts Payable 14,000 <-- Correct! Purchased merchandise. January 17, 2010 dr Accounts Payable 14,000 cr Cash 14,000 <-- Correct! Paid January 8 invoice. April 1, 2010 dr Cash 40,000 cr Note Payable (short term) 40,000 <-- Correct! Borrowed on 12-month, 6%, interest-bearing note. June 3, 2010 dr Inventory 18,000 cr Accounts Payable 18,000 <-- Correct! Purchased merchandise. July 5, 2010 dr Accounts Payable 18,000 cr Cash 18,000 <-- Correct! Paid June 3 invoice. August 1, 2010 dr Cash 6,000 cr Unearned Rent Revenue 6,000 <-- Correct! Collected rent revenue for the next 6 months.
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