11-7 - Fred's Fine Lingerie and Harley Shoppe Assets =...

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Fred's Fine Lingerie and Harley Shoppe Assets = Liabilities + Owners' Equity + ( Revenues - Expenses ) Cash Accounts Payable Common Stock Sales Cost of Goods Sold BB 10,000 40,000 BB 10,000 BB 200,000 80,000 53,000 25,000 20,000 Salaries Payable Retained Earnings Salary Expense 10,000 BB 66,000 BB 20,000 Accounts Receivable BB 40,000 2,000 74,600 60,000 Taxes Payable Rent Expense 0 BB 24,000 Inventory 8,400 BB 36,000 Long-Term Debt 23,000 100,000 BB Interest Expense 10,000 Equipment 75,000 BB 180,000 Depreciation Expense 190,000 10,000 Accumulated Depreciation-Equipment 50,000 Tax Expense 60,000 BB 16,800 Security Deposit BB 10,000 5,000
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Fred's Fine Lingerie and Harley Shoppe Balance Sheet December 31, 20x5 Assets Liabilities Current Assets Current Liabilities Cash $20,000 Accounts Payable $53,000 Accounts Receivable 60,000 Taxes Payable 8,400 Inventory 23,000 Salaries Payable 2,000 Current Portion of Long-Term Debt 25,000 Total Current Assets 103,000 Total Current Liabilities 88,400 Fixed Assets Long-Term Debt Equipment 190,000 Note Payable- Bank 50,000 Less: Accumulated Total Liabilities 138,400 Depreciation (60,000) Net Fixed Assets 130,000 Owners' Equity Common Stock $25,000 Other Assets Retained Earnings 74,600 Security Deposits 5,000
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