I-16.04 Problem

I-16.04 Problem - I-16.04 Live Oak presented the following...

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ASSETS 20X5 20X4 Current assets Cash 664,000 $ 9,000 $ Accounts receivable 375,000 345,000 Inventories 150,000 160,000 Prepaid expenses 35,000 25,000 Total current assets 1,224,000 $ 539,000 $ Land 300,000 $ 400,000 $ Building 700,000 700,000 Equipment 530,000 450,000 1,530,000 $ 1,550,000 $ Less: Accumulated depreciation (300,000) (270,000) 1,230,000 $ 1,280,000 $ Total assets 2,454,000 $ 1,819,000 $ LIABILITIES Current liabilities Accounts payable 112,000 $ 119,000 $ Interest payable 2,000 - Total current liabilities 114,000 $ 119,000 $ Long-term liabilities Long-term note payable 80,000 - Total liabilities 194,000 $ 119,000 $ STOCKHOLDERS' EQUITY Common stock ($1 par) 700,000 $ 600,000 $ Paid-in capital in excess of par 800,000 400,000 Retained earnings 760,000 700,000 Total stockholders' equity 2,260,000 $ 1,700,000 $ Total Liabilities and equity 2,454,000 $ 1,819,000 $ Comparative Balance Sheet December 31, 20X5 and 20X4
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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I-16.04 Problem - I-16.04 Live Oak presented the following...

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