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Unformatted text preview: & Owners' Equity Liabilities : Accounts payable e z to.mhe c loud.mc gr a w- hill.c om/hm_a c c ounting.tpx? todo= pr intvie w $ 69,000 70,000 80,000 165,000 70,000 14,000 $ 468,000 $ 26,000 5/7 11/18/13 Assignme nt Pr int Vie w Notes payable Total Liabilities Owners ' equity : Capital stock Retained earnings Total Liabilities & Owners ' Equity 288,000 $ 314,000 92,000 62,000 $ 468,000 rev: 06_15_2012
Learning Objective: 0204 Explain
how the statement of financial
position, often referred to as the
balance sheet, is an expansion of
the basic accounting equation. Worksheet The night manager of Dix ie Trans portation Serv ic e, who had no ac c ounting bac k ground, prepared the
following balanc e s heet for the c ompany at February 28, 2011. The dollar amounts were tak en direc tly from
the c ompany 's ac c ounting rec ords and are c orrec t. Howev er, the balanc e s heet c ontains a number of
errors in its headings , format, and the c las s ific ation of as s ets , liabilities , and owners ' equity . DIXIE TRANSPORTATION SERVICE
8 P.M. THURSDAY Assets Owners' Equity Capital Stoc k
$ 92,000 Ac c ounts Rec...
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This document was uploaded on 03/03/2014 for the course MGMT ACCOU 2300 at Rensselaer Polytechnic Institute.
- Fall '08