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Unformatted text preview: 20X3, with the exception of December's billings in the amount of $125,000. The Skousen's are quite confident that the December billing will be collected in the normal course of business in early 20X4. Expenses paid during 20X3 included rent ($140,000), wages ($780,000), interest ($75,000), and taxes ($215,000). In addition, the company had incurred rent ($10,000), wages ($30,000), and interest ($6,000) related to 20X3 activity that was not yet paid as of the end of 20X3. Skousen Exploration declared and paid dividends to shareholders in the amount of $75,000 during 20X3. Skousen also repaid $50,000 of the original bank loan. (a) Prepare an income statement for Skousen Corporation for the year ending December 31, 20X3. (b) Prepare a statement of retained earnings for Skousen Corporation for the year ending December 31, 20X3. (c) Prepare calculations showing that cash is $890,000 as of December 31, 20X3. (d) Prepare a balance sheet for Skousen Corporation as of December 31, 20X3....
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- Spring '11