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Quantitative Assignment, Week 1. Part 1 Determine in which statement the following items belong.

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Quantitative Assignment, Week 1 . Part 1 Determine in which statement the following items belong. Balance Sheet Income Statement Account Name Value Accounts payable 4800 Accounts receivable 9600 Accumulated depreciation 34000 Cash 16550 Common stock (10,000 shares) 45000 Cost of goods sold 5,750 Depreciation expense 500 Earnings before taxes ????? General & admin expense 850 Gross buildings & equipment 122000 Gross profits 26,250 Interest expense 3,300 Inventories 6500 Long-term debt 55000 Net buildings & equipment 88000 Net income ????? Operating income (EBIT) ????? Retained earnings 15250 Sales 32,000 Short-term notes payable 600 Taxes 1,440 Total assets ????? Total current assets ????? Total current liabilities 5400 Total equity ????? Total liabilities ????? Total liabilities and equity 120650 Use the items above to compose a Balance Sheet and Income Statement on the next page.
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Task 1. Fill in the missing amounts. Balance Sheet Year 20X1 ASSETS Current assets 9600 Total current assets 3 Net buildings & equipment 88000 Total assets 120650 LIABILITIES AND EQUITY Liabilities Short-term notes payable 4800 Total current liabilities 55000 Total liabilities 60400 Equity 45000 Total equity 60250 120650
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W1A4.doc

Quantitative Assignment, Week 1. Part 1
Determine in which statement the following items belong.
Balance Income
Account Name
Sheet Statement
Balance
Accounts payable
Balance
Accounts receivable...

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