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Chapter2_In_Class[1]

Chapter2_In_Class[1] - 1,000 Food inventory 7,500...

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1 Chapter 2 The Balance Sheet In Class Practice Questions 1. Consider the following information taken from the records of Tim’s Travel Services at the end of the year ended December 31, 2004: Marketable security $ 10,000 Cash 30,000 Prepaid insurance 3,000 Accounts receivable 10,000 Inventories 1,000
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2 2. Consider the following information from the records of Alonzo’s Restaurant at the end of the year ended December 31, 1999: Current portion of mortgages payable $ 30,000 Accounts payable 10,000 Income taxes payable 3,000 Accrued interest payable 2,000 Bonds payable 40,000 Mortgages payable (net of current installments) 120,000 Notes payable due in year 2000 20,000
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