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Unformatted text preview: BUSI 1004 - Financial Accounting for Business Students Tutorial 2 The following is an alphabetical list of account balances at December 31, 20x2 for the Raynor Corporation. You are also told that the company issued $250,000 of Capital Stock during the year and declared a total of $50,000 of dividends. Accounts payable $226,800 Accounts Receivable 147,600 Accumulated depreciation - building 648,000 Accumulated depreciation - equipment 252,000 Building 1,860,000 Capital Stock 1,020,000 Cash 80,400 Cost of goods sold 1,260,000 Depreciation expense 96,000 Dividends payable 12,000 Franchise 48,000 Income tax expense 274,800 Insurance expense 7,200 Interest expense 90,000 Interest income 12,000 Interest payable 19,200 Interest receivable 14,400 Inventories 258,000 Land 336,000 Long-term debt 1,200,000 Long-term investments 42,000 Machinery and equipment 1,024,800 Patents 182,400 Prepaid expenses 19,200 Rent expense 18,000 Rental revenues 60,000 Retained Earnings (beginning of year balance less dividends)...
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This note was uploaded on 01/26/2012 for the course BUSI 1004 taught by Professor Ouafasakka during the Spring '11 term at Carleton CA.
- Spring '11
- Financial Accounting