HW#1 - Assets Cash $18,000 Accounts Receivable 10,000 Supplies 6,100 Building 25,000 Total Assets $59,100 Liabilities Salaries Payable $8,300 Notes

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Lifelong Inc. Income Statement For the Year Ended December 31, 2010 Net Sales (Service Fees) $67,600 Total Expenses - 51,000 Net Income $16,600 Anthony Marsala Lifelong Inc. Statement of Retained Earnings For the Year Ended December 31, 2010 Retained Earnings, January 1, 2010 $6,200 Net Income for 2010 16,600 Dividends for 2010 - 5,000 Retained Earnings, December 31, 2010 $17,800 Lifelong Inc. Balance Sheet
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Unformatted text preview: December 31, 2010 Assets Cash $18,000 Accounts Receivable 10,000 Supplies 6,100 Building 25,000 Total Assets $59,100 Liabilities Salaries Payable $8,300 Notes Payable 15,000 Total Liabilities $23,300 Stockholder’s Equity Contributed Capital $18,000 Retained Earnings 17,800 Total Stockholder’s Equity $35,800 Total Liabilities & Stockholder’s Equity $59,100...
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This note was uploaded on 10/04/2011 for the course ACC 201 taught by Professor Bokmier during the Fall '10 term at Michigan State University.

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