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problem: From the following accounts & amounts create a balance sheet for Prince Company for December 31, 2007. You must find out the money for retained earnings to complete the balance sheet.

Accounts Payable

 61,250

Accounts Receivable

70,500

Building

50,000

Capital Stock

50,000

Cash

64,000

Equipment

30,000

Insurance Expense

 5,000

Land

125,000

Notes Payable

 175,000

Sales Revenue

 25,000

Salaries Expense

 20,000

On April 30, 2007, balance sheet of Japan Collectibles showed total assets of $800,000, total liabilities of $500,000, and owners' equity of $300,000. The following transactions occurred in May of 2007:

[A] Capital stock was issued in exchange for dollar 175,000 cash.

[B] The business purchased machine for $380,000, paying $180,000 cash & issuing a note payable for $200,000.

[C] The business paid off dollar 80,000 of its accounts payable.

[D] The business collected dollar 64,000 of its accounts receivable.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922620

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