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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...

This question was answered on Jan 15, 2013. View the Answer
Please fill in the Blanks on the attached doc
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...

This question was asked on Jan 14, 2013 and answered on Jan 15, 2013.

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