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Fill in the blanks ( ) with the correct entries. Assets Current assets Cash Accounts receivable (1) (1,340,000 less) allowance for doubtful accounts...

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3. Fill in the blanks ( ) with the correct entries. Assets Liabilities and Stockholders’ Equity Current assets Current liabilities Cash $250,000 Accounts payable $620,000 Accounts receivable (1) ( 1,340,000 less) allowance for doubtful accounts of $20,000) 1,320,000 Notes payable to banks 130,000 Inventory 1,410,000 (5) Accrued wages (2) Total current assets 2,980,000 Taxes owed 100,000 (3 ) Land Total current liabilities $1,250,000 Plant and equipment ($2,800,000 less accumulated depreciation (4) 690,000 ) 2,110,000 (6) Long-term debt Total assets $5,390,000 Stockholders’ equity / Preferred stock 1,000,000 (7) Common stock ($1 par, 750,000 shares authorized, 700,000 outstanding) (8) Retained earnings Total stockholders’ equity $3,140,000 (9) Total liabilities and equity Calculations: (3.) (5.) (6.) (7.) (8.) (9.)
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Hi As desired, I have given the details of full computations. The price was... View the full answer

8420295_Solution.doc

3. Fill in the blanks ( ) with the correct entries.
Assets
Current assets
Cash
Accounts receivable
(1) (1,340,000 less)
allowance for
doubtful accounts
of $20,000)
Inventory
(2) Total current...

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