BCOR1010-AccountingPresentation

Common stock 80160 owners investment retained earnings

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Unformatted text preview: ,000 ∗ Payroll taxes ∗ $5,000 ∗ Long-term Liabilities ∗ Loan ∗ $80,160 ∗ Interest rate ∗ $5,000 ∗ Total Liabilities ∗ $140,160 Owner’s Equity ∗ Shareholder’s equity? ∗ Common Stock ∗ $80,160 ∗ Owner’s investment ∗? ∗ Retained Earnings ∗ ($30,320) ∗ Total Equity ∗ $49,840 Balance Sheet Totals ∗ Total Assets ∗ 190,000 ∗ Total Liabilities ∗ 140,160 ∗ Total Equity ∗ 49,840 Generally Accepted Accounting Principles ∗ We are going to strive to perform our accounting practice along the lines of the GAAP requirements in order to provide a consistent, comparable, relevant, and reliable income statement and balance sheet for whom it would concern....
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