Chapter 16 In-Class Exercise

Chapter 16 In-Class Exercise - Chapter Sixteen The Carpet...

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Chapter Sixteen The Carpet Company’s 2008 and 2007 balance sheets included the following items: December 31 2008 2007 Debits Cash . .......................................................................... $10,500 $ 4,000 Accounts receivable. .................................................. 8,000 9,000 Merchandise inventory. .............................................. 21,000 18,000 Equipment. .................................................................. 18,000 15,000 Totals. ................................................................ $57,500 $46,000 Credits Accumulated depreciation, equipment. .................... $ 4,000 $ 3,000 Accounts payable. ...................................................... 7,000 5,000 Taxes payable. ............................................................ 1,000 2,000 Dividends payable. ..................................................... 1,500 0 Common stock, $10 par value. ................................... 27,000 25,000 Contributed capital in excess of par, common stock 6,000 5,000 Retained earnings. ...................................................... 11,000 6,000 Totals. ................................................................ $57,500
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Chapter 16 In-Class Exercise - Chapter Sixteen The Carpet...

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