B-05.07 Problem

B-05.07 Problem - 244,956 Capital stock 144,000 Cash 25,442...

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B-05.07 Pitkin Health Care Products provides the following alphabetic list of accounts and their respective balances. All accounts have normal balances, and income statement account balances are for the year ending December 31, 20X4. A physical count of merchandise inventory on hand at year end revealed a balance of $277,390. Use this information to prepare a comprehensive income statement. Accounts payable 66,399 $ Accounts receivable 82,890 Accumulated depreciation 166,554 Beginning inventory, Jan. 1
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Unformatted text preview: 244,956 Capital stock 144,000 Cash 25,442 Depreciation expense 65,990 Dividends 12,000 Equipment 324,556 Freight-in 43,441 Freight-out 3,566 Insurance expense 8,700 Marketing expense 111,991 Purchase discounts 1,788 Purchase returns & allowances 6,665 Purchases 433,443 Rent expense 42,335 Retained earnings, Jan. 1 24,327 Salaries expense 233,998 Salaries payable 9,955 Sales 977,932 Sales discounts 8,817 Sales returns and allowances 13,998 Utilities expense 18,887...
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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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