HWK__2 - Sales……………… 140,000...

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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 expense……19,000 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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