Hint Discount on loans payable is a contra account to loans payable b Prepare a

Hint discount on loans payable is a contra account to

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Hint: “Discount on loans payable” is a contra-account to loans payable. b. Prepare a partial “notes” showing the breakdowns of the selected line items. ASSETS Notes Current assets: Cash and cash equivalents 6 Trade and other receivables 7 Inventories Prepaid insurance Total current assets Noncurrent assets: Property, plant and equipment 8 Total noncurrent assets TOTAL ASSETS 1 LIABILITIES AND EQUITY Notes Current liabilities: Trade and other payables 9 Current tax liability Total current liabilities Noncurrent liabilities: Loans payable - net 10 Total noncurrent liabilities TOTAL LIABILTIES Equity: Owner's Capital TOTAL EQUITY TOTAL LIABILITIES & EQUITY
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Encircle the letter of your choice. 1.A business reports total income of 100,000 and total expenses of 80,000. The profit (loss) is a.20,000b.(20,000)c.180,000d.100,000 2.Which of the following is not presented in an income statement? 3.A business has net sales of 100,000, cost of sales of 60,000 and other operating expenses of 40,000. Thegross profit of the business is 4.The income statement of ABC Company shows gross profit. ABC Company’s income statement is mostlikely to have been prepared using
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  • Spring '18
  • Balance Sheet, Generally Accepted Accounting Principles, statement of financial position of Aubrey Lynn

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