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The given items are taken from the financial statements of LBJ Company for 2010.

Accounts payable  $26,500
Accounts receivable    6,000
Accumulated depreciation  9,600
Bonds payable  28,000
Cash  44,000
Common stock  35,000
Cost of goods sold  19,000
Depreciation expense  4,800
Dividends  5,300
Equipment    58,000
Interest expense    3,500
Patents  9,500
Retained earnings, January 1 20,000
Salaries expense  7,200
Sales revenue  38,500
Supplies  5,500

Instructions:

Develop an income statement and a retained earnings statement for the LBJ Company.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919201

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