CHAPTER2HANDOUT

CHAPTER2HANDOUT - 500 750 Inventory 2,500 1,500 Long Term...

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Use the information below to answer the following questions: LIST OF ITEMS FROM THREE TEQUILA FLOOR INC.’s BALANCE SHEET AND INCOME STATEMENT FROM 2009 AND 2010. ITEM 2009 2010 Accounts Receivable 1,500 2,000 Accounts Payable 750 500 Accumulated Depreciation 1,000 1,500 Accurals 500 750 Additional Paid-in-Capital 3,500 4,500 Cash 1,000 ??? Common Stock at Par @$0.10 500 750 Cost of Goods Sold (COGS) 3,000 3,500 Depreciation Expense 750 ??? Gross Fixed Assets 5,000 6,000 Interest Expense
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Unformatted text preview: 500 750 Inventory 2,500 1,500 Long Term Debt 1,500 750 Managerial Expense 500 750 Notes Payable 750 500 Retained Earnings 1,500 1,750 Sales 5,000 6,000 Taxes 50 200 1) What were the Total Assets for 2009? 2) What was the Net Income for 2009? 3) What was the Cash Balance in 2010? 4) What was the Depreciation Expense in 2010? 5) What was the Net Income in 2010? 6) How much in dividends was paid in 2010?...
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CHAPTER2HANDOUT - 500 750 Inventory 2,500 1,500 Long Term...

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