carlos ramirez and camila garz a organiz ed new

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Unformatted text preview: s Liabilities Ac c ounts pay able and other c urrent liabilities Long­term debt Other liabilities Total Liabilities Stockholders’ Equity Contributed c apital Retained earnings Total Stoc k holders ’ Equity Total Liabilities and Stoc k holders ’ Equity ¥ 4,237 ± 1% 1,933 ± 1% 1,519 ± 1% 7,689 ± 1% 259 ± 1% 3,871 ± 1% 4,130 ± 1% ¥ 11,819 ± 1% [The following information applies to the questions displayed below.] Carlos Ramirez and Camila Garz a organiz ed New World Book Store as a c orporation; eac h c ontributed $70,000 c as h to s tart the bus ines s and rec eiv ed 4,000 s hares of c ommon s toc k . The s tore c ompleted its firs t y ear of operations on Dec ember 31, 2011. On that date, the following financ ial items for the y ear were determined: Dec ember 31, 2011, c as h on hand and in the bank , $68,350; Dec ember 31, 2011, amounts due from c us tomers from s ales of book s , $39,000; unus ed portion of s tore and offic e equipment, $72,000; Dec ember 31, 2011, amounts owed to publis hers for book s purc has ed, $12,000; one­y ear note pay able to a loc al bank for $3,000. No div idends were dec lared or paid to the s toc k holders during the y ear. 5. awar d: 0.16 out of 0.16 points 2. What was...
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This homework help was uploaded on 02/23/2014 for the course BUSE 30000 taught by Professor N/a during the Winter '12 term at UChicago.

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