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This question was created from Mary'sPoolCase Summer 2015 https://www.coursehero.com/file/11519350/MarysPoolCase-Summer-2015/

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create income statement

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Current Assets
Cash
$84,429.00
Accounts Receivable
$83,983.00
Less: Allow. Dotful Accts
$(1,152.00)
Merchandise Inventory
$54,629.00
Office Supplies
$640.00
Prepaid Insurance
$1,650.00
Total Current Assets
$224,179.00
Property and Equipment
Land
$25,000.00
Buildings
$140,000.00
Less: Accum. Depr.
$(28,000.00)
Office Equipment
$15,570.00
Less: Accum. Depr.
$(11,720.00)
Vehicles
$42,100.00
Less: Accum. Depr.
$(16,300.00)
Total Property and Equipment
$166,650.00
Total Assets
$390,829.00
Liabilities & Owner's Equity
Current Liabilities
Accounts Payable
$30,300.00
Note Payable
$50,000.00
Mortgage Note Payable (current
$7,000.00
portion)
Total Current Liabilities
$87,300.00
Long-Term Liabilities
Mortgage Note Payable
$82,000.00
Total Liabilities
$169,300.00
Stockholder's Equity

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