HWK__2 - Sales. . 140,000 Building 55,000 Supplies. 8,000...

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HOMEWORK #2 DUE JAN. 21 6 points Below are listed, in alphabetic order, accounts for Dynamic Corporation for the year- ended December 31, 2010. Assume beginning Retained Earnings was $23,000. First, prepare, in this order, an Income Statement, a Statement of Retained Earnings, and a Balance Sheet. Be sure to use proper headings for these financial statements. Accounts payable…. . $18,000 Land ………………. $30,000 Accounts receivable. . 20,000 Note payable ……… 70,000 Advertising expense. . 15,000
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Unformatted text preview: Sales. . 140,000 Building 55,000 Supplies. 8,000 Cash. 37,000 Supplies expense19,000 Capital stock. 65,000 Wages expense 61,000 Dividends declared 10,000 Utilities expense 18,000 Equipment 40,000 Interest expense 5,000 Interest payable . . 2,000 Second, looking at the financial statements, how does the company look going forward? Give some support for your conclusion....
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